The Federal Government has suspended the implementation of the “four per cent Free on Board (FOB) levy” recently introduced by the Nigeria Customs Service on imported goods.
The decision, announced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, followed widespread pushback from importers, trade experts, and industry stakeholders who warned of its negative economic impact.
In a letter dated Monday, September 15, 2025, and addressed to the Comptroller-General of Customs, Edun—acting as Chairman of the NCS Board—directed the immediate suspension of the levy.
The letter, signed by Raymond Omachi, Permanent Secretary for Special Duties in the Finance Ministry, explained that consultations revealed the levy would place significant strain on trade, increase inflationary pressures, and weaken Nigeria’s competitiveness.
“Following extensive consultations with industry stakeholders, trade experts, and relevant government officials, it has become clear that the implementation of the levy poses significant challenges to trade facilitation, the business environment, and overall economic stability,” the letter read.
Importers and business operators had argued that the charge would raise costs, worsen inflation, and complicate efforts to ease the cost of doing business.
The Finance Ministry clarified that the suspension is not a cancellation but a temporary pause to allow further consultations and a review of the levy’s long-term impact.
Industry experts say the move offers an opportunity for government and stakeholders to redesign Customs revenue policies in line with broader economic reforms aimed at stabilising the naira, reducing inflation, and improving Nigeria’s investment climate.
For now, importers have welcomed the suspension as a relief in the current challenging economic environment.
