In a significant policy reversal, the Nigerian Customs Service (NCS) has officially suspended the implementation of the contentious 4% Free-on-Board (FOB) levy on imports. The announcement was made via the official X handle of Nigerian Stories, sending waves of relief across the business and trade sectors.
The levy, which had sparked widespread criticism from importers, business owners, and economic analysts, was initially introduced as part of the government’s revenue drive. However, stakeholders argued that it would further burden an already struggling economy, inflate the cost of goods, and stifle trade.
The suspension comes amid growing public outcry and lobbying from key industry players who warned of dire economic consequences if the policy were enforced. Many have hailed the decision as a victory for the private sector and a testament to the power of collective advocacy.
While the Customs Service has yet to provide details on whether the suspension is temporary or permanent, the move signals a willingness to reconsider policies that could adversely affect Nigeria’s economic landscape.
This development raises critical questions about future trade policies and the government’s approach to balancing revenue generation with economic sustainability. Will the authorities introduce a revised framework, or is this the end of the controversial levy? For now, traders and importers can breathe a sigh of relief.
PIONEER NEWS 