The Minister of Finance, Dr. Ngozi Okonjo-Iweala, says the Federal Government now grants import waiver to different sectors of the economy instead of individuals and individual industries.
Okonjo-Iweala stated this in Abuja at a Presidential Public Affairs Forum organised the Office of the Office of the Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe.
Okonjo-Iweala said the decision was as a result of the reform of the country’s import waiver policy to encourage more investment in the country to boost the economy.
She said: “Previously, our import waiver policy was not a good one.
“It resulted in an un-level playing field as we gave waiver to individual or individual industry.
“This waiver is now by sector.
“The idea is to encourage sectors of the economy that require investment.
“For instance, the government gives waiver on agricultural equipment at zero duty to attract companies to come and invest in the country.”
Okonjo-Iweala noted that in many developing countries, waivers serve as incentives to make things easier for stakeholders in the economy.
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