LCCI commends FG for suspending customs 4% FOB charge

The Lagos Chamber of Commerce & Industry (LCCI) has commended the Nigeria Customs Service (NCS) for its prompt response in suspending the 4 percent Free on Board (FOB) levy on imports into Nigeria.

The chamber stated that this decision is a positive response to the concerns raised by the business community regarding the adverse economic implications of the levy on trade, investment, and a conducive business environment.

“Following our media statement and formal engagements with relevant authorities, we are pleased that the NCS has taken swift action to suspend the levy.

“This demonstrates a commitment to stakeholder engagement and responsiveness to the realities facing businesses operating in Nigeria,” Chinyere Almona, director general LCCI said in a statement.

Recall that the Nigeria Customs Service imposed a four percent charge on the Free On-Board (FOB) value of imports which mean importers will pay more to bring goods into Nigeria.

Almona, in the statement, said that with the drive to curb Nigeria’s rising inflation, any additional cost to businesses should be avoided at this time.

Read also: Nigeria Customs Service suspends 4% FOB charge following stakeholder concerns

She also said that the LCCI, as an advocate for a conducive business environment, remains committed to constructive dialogue with government agencies to ensure policies that foster economic growth, enhance trade efficiency, and promote ease of doing business.

The chamber urged continued collaboration between policymakers and the private sector in shaping regulatory frameworks that support sustainable economic development.

“We appreciate the Nigeria Customs Service for listening to the concerns of businesses and taking decisive action in the interest of economic stability.

“The Chamber will continue to engage with all relevant stakeholders to ensure policies that support Nigeria’s economic growth and competitiveness in the global market,” Almona said.

The chamber urged the government to continue prioritising policies that create an enabling environment for businesses, attract investment, and stimulate economic growth.

“The LCCI remains committed to collaborating with the government to drive policies that support Nigeria’s economic advancement and global competitiveness,” Almona said.