Businessday findings have revealed that wholesale marketers are desperate to sell off their old stocks and products they had hoarded, fearing that the recently implemented government policy to allow imports of some agricultural products for 6 months could cost them losses.

On the other hand, many retailers are refusing to take up the old stocks, speculating that in the coming weeks, prices will crash, when the market is flooded with new imports.

Yesterday, the federal government directed Nigeria Customs Service to commence implementation of zero percent import duty and exemption of Value-Added Tax on basic food items.

In his speech on Sunday protest President Bola Ahmed Tinubu approved adoption of zero per cent import duty and exemption of Value Added Tax on basic good items.

Speaking with BusinessDay Correspondent at Dutse market, Sambo Lawal a wholesale trader of rice and other grains said he wished he could clear his old stock before new products came.

Lawal said: “Once borders are open prices will crash because a competitive pricing regime will start”.

Culled from Business Day

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