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 was contained in a letter issued by the coordinating Minister of the Economy Wale Edun and 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.
The FOB charge, passed as law, is calculated based on the value of imported goods, including transportation costs up to the port of loading.
The NCS revived the controversial tariff in early August to replace the one per cent Comprehensive Import Supervision Scheme (CISS) and the seven per cent charge on its duties.
