The Federal Government has commenced a strategic review of tariff policies aimed at encouraging local production, protecting domestic industries, and easing the cost of doing business.

The move followed a high-level meeting involving the Tariffs Review Board and the Minister of State for Finance, Dr Doris Uzoka-Anite, where existing tariff regimes were assessed against the backdrop of rising production costs and sustained foreign exchange pressures.

Discussions at the meeting centred on supporting the Federal Government’s industrialisation agenda, addressing the challenges confronting local manufacturers, and adopting a balanced policy approach that allows essential imports while strengthening Nigeria’s local value chains.

Uzoka-Anite said the initiative forms part of the government’s broader strategy to stimulate industrial growth and enhance economic competitiveness, while underscoring the administration’s commitment to data-driven policymaking and reforms designed to build a more resilient, competitive and inclusive economy.

The minister explained that the ongoing review is intended to reposition tariffs as instruments for economic development rather than impediments to productivity. She added that the emphasis is on promoting local production, safeguarding home-grown industries, and reducing the cost of doing business across critical manufacturing value chains.

“Our objective is to create a tariff regime that supports local manufacturers, strengthens value chains and promotes sustainable industrial expansion. This means striking a careful balance between meeting essential import needs and protecting domestic industries from unfair competition,” the minister said.

According to a statement released after the meeting, the government is working towards a more responsive tariff framework that aligns with the Federal Government’s wider industrialisation agenda, while maintaining market stability amid an increasingly volatile global trade environment.

Key issues deliberated included identifying tariff-related bottlenecks affecting manufacturers, especially in sectors that rely heavily on imported raw materials and intermediate goods.

Participants also explored options for offering fiscal relief to domestic producers grappling with high input costs, with the aim of boosting output, preserving jobs and improving competitiveness.

The meeting emphasised the importance of data-driven policy decisions, with participants agreeing that any tariff adjustments must be guided by empirical evidence on their effects on production costs, consumer prices and employment.

By refining these fiscal policy instruments, the Federal Government aims to unlock industrial capacity, attract investment and deepen local value addition across the economy.