The Federal Ministry of Finance has directed the immediate suspension of the four per cent Free on Board (FOB) charge levied by the Nigeria Customs Service on all imported goods.
The directive, issued in a letter on Monday from Wale Edun, the minister of finance and corresponding chairman of the Nigeria Customs Service Board, was addressed to the Comptroller-General of the Nigeria Customs Service.
It states that the suspension follows extensive consultations with stakeholders, including trade experts and government officials.
According to the ministry, the four per cent FOB charge presented “significant challenges to the Nigerian trade facilitation, environment and economic stability.”
Many businesses and importers had voiced concerns that the levy would create an “increased financial burden,” with potential negative impacts on inflation, trade competitiveness, and the country’s overall business climate.
