The Lagos Chamber of Commerce and Industry (LCCI) has called on the government and the Nigeria Customs Service (NCS) to halt the enforcement of the four per cent Free-on-Board (FOB) levy.
The NCS announced on Wednesday that a four per cent fee would be applied to the FOB value of imports.
Chinyere Almona, the Director-General of LCCI, voiced concerns about the sudden implementation of the levy, indicating that businesses were not given adequate notice or a chance to prepare for the financial impact.
Almona pointed out that the lack of consultation goes against international best practices, which advocate for transparency and inclusivity in implementing trade-related policies.
“While we recognise that the 4% charge is backed by the provisions of the Nigeria Customs Service Act 2023, specifically under Section 18, we are deeply troubled by the manner of its sudden implementation without consultations with relevant stakeholders,” Almona said.
She added that the sudden introduction of this charge is already obstructing business operations, increasing transaction costs, and causing instability in the trading environment, adversely affecting economic growth and investor confidence.
“Beyond the absence of consultation, the Chamber wishes to have all government agencies concerned about and sensitive to any additional cost burden on businesses and regulations that can create a difficult business environment.”
She observed that this consequence will ultimately lead to decreased government revenue and negatively impact the ease of doing business in Nigeria.
The DG urged the government to concentrate on enhancing port efficiency to facilitate the import and export of goods while reducing opportunities for corruption.
She reiterated the chamber’s request to immediately halt the levy, urging the government to balance trade facilitation with revenue generation.
