The Federal Government has ordered the immediate suspension of the recently introduced Free On Board (FOB) levy on imported goods.
Finance Minister Wale Edun, in a directive issued late Monday, announced that the levy, introduced last month by the Nigeria Customs Service (NCS), would be put on hold following widespread concerns from businesses and trade stakeholders.
“Following extensive consultations with industry stakeholders, trade experts, and relevant government officials, it has become clear that the implementation of the 4% FOB charge poses significant challenges to Nigerian trade facilitation, the business environment, and economic stability,” Edun said in a statement.
The suspension comes after importers and business groups warned that the levy would raise the cost of goods, fuel inflation, and undermine Nigeria’s trade competitiveness.
They also argued that the additional charge would increase the cost of doing business and threaten the country’s fragile economic recovery efforts.
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