Nigeria will reduce import tariffs on a range of essential goods starting 1 July, as President Bola Tinubu's government seeks to bring down stubbornly high living costs. The cuts cover staples including rice, sugar, and palm oil, as well as passenger vehicles and construction materials, while electric vehicles, mass-transit buses, and manufacturing machinery will be fully exempt from duties. The move comes as Nigeria's inflation, though down to 15.06 percent in February from a peak of roughly 33 percent in late 2024, remains elevated — compounded by a more than 50 percent rise in petrol prices linked in part to global pressures, including conflict in Iran; Finance Minister Wale Edun said the government will also seek additional support at upcoming IMF and World Bank meetings.