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The Nigeria Customs Service (NCS) has suspended the 4% free-on-board (FOB) levy on imports to allow for stakeholder consultations. The decision follows concerns from businesses about rising costs and inflation. Authorities will review the policy and engage industry players before determining the next steps.

The Nigeria Customs Service (NCS) has temporarily halted the implementation of the controversial 4% free-on-board (FOB) levy on imports. This decision was announced on Tuesday by Assistant Comptroller Abdullahi Maiwasa, who stated that the suspension is to allow for further stakeholder engagement and consultations.

The levy, which was intended to be charged on the total FOB value of imports, had sparked concerns among importers and business operators, who feared it would increase the cost of goods and worsen inflation. Industry stakeholders had urged the government to reconsider the policy, citing its potential negative impact on trade and economic activities.

Maiwada reassured stakeholders that the suspension would provide an opportunity to fine-tune the implementation framework, ensuring that it aligns with economic realities and business interests. While the levy remains under review, customs authorities are expected to engage with key industry players to address concerns and determine the best way forward.

The temporary suspension has been welcomed by business groups, who hope that the government will reconsider or revise the policy to minimize economic disruptions. Further updates on the consultations and potential policy adjustments are expected in the coming weeks.