Nigeria’s finance ministry has ordered the immediate suspension of a levy on all imported goods, which companies had said would raise the cost of doing business and crimp economic recovery efforts.<\/p>\n
Finance Minister Wale Edun said in a directive issued late on Monday that the 4% Free on Board (FOB) levy, introduced by the Nigeria Customs Service (NCS) last month, should be suspended to address the concerns raised by businesses.<\/p>\n
“Following extensive consultations with industry stakeholders, trade experts, and relevant government officials, it has become clear that the implementation of the 4% FOB charge poses significant challenges to Nigerian trade facilitation, the business environment, and economic stability,” Edun said in a statement.<\/p>\n
Importers and business groups had warned that the levy would increase the cost of goods, fuel inflation, and hurt Nigeria’s trade competitiveness at a time when the country was trying to end currency volatility and sluggish growth.<\/p>\n
The suspension will allow for a comprehensive review of the levy’s framework and its broader economic implications, the ministry said, adding that it would work with the customs service and other stakeholders to develop a more “equitable and efficient revenue structure”.<\/p>\n
Nigeria, Africa’s largest economy, has been seeking to boost non-oil revenues amid declining crude output and mounting fiscal pressures. But businesses have pushed back against what they see as arbitrary levies that complicate trade and raise costs.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria’s finance ministry has ordered the immediate suspension of a levy on all imported goods, which companies had said would raise the cost of doing business and crimp economic recovery efforts. Finance Minister Wale Edun said in a directive issued late on Monday that the 4% Free on Board (FOB) levy, introduced by the Nigeria […]<\/p>\n","protected":false},"author":1,"featured_media":9710,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","number_popup_post":"1","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","source_name":"Reuters","subtitle":""},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[32,2362,27],"tags":[175,4420],"class_list":["post-17815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-featured","category-west-africa","tag-nigeria","tag-nigeria-customs-service-ncs"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/17815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=17815"}],"version-history":[{"count":0,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/17815\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/9710"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=17815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=17815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=17815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}