By John Audu, Abuja
The Nigerian Customs Service (NCS) has suspended the enforcement of the 4% Free-on-Board (FOB) value on imported goods, following consultations with stakeholders, including the Minister of Finance, Olawale Edun
This decision aims to allow for further discussions and refinement of the implementation framework of the Nigeria Customs Service Act (NCSA) 2023.
The 4% FOB charge was introduced to drive the effective operation of the NCS, covering the value of imported goods, including cost and transportation expenses .However, stakeholders, including manufacturers and freight forwarders, expressed concerns and called for a suspension of the charge, citing its potential impact on businesses and the economy
During the suspension period, the NCS will focus on optimizing financial management to align with stakeholder interests and national economic objectives ¹. The service remains committed to implementing the NCSA 2023 in a manner that balances revenue generation with trade facilitation, addressing stakeholder concerns.
