The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has ordered the Nigeria Customs Service (NCS) to suspend the 4% Free on Board (FOB) levy levied on imported goods.
The Minister issued this directive in a circular signed by the Permanent Secretary, Special Duties of the Ministry yesterday.
According to the circular, the Minister noted that tbe suspension comes on the heels of extensive consultations with industry stakeholders and trade experts who raised concerns that the levy could negatively impact Nigeria’s trade environment and economic stability.
Edun noted that importers and businesses had warned that the charge would increase financial burdens, worsen inflation, and weaken trade competitiveness.
The suspension is meant to allow for a comprehensive review and engagement with stakeholders to assess the levy’s broader economic implications.
In a related development however, the Nigeria Customs Service (NCS) has announced plans to fully automate its overtime cargo clearance system in Zone A, in a bid to curb corruption, ease port congestion, and ensure transparency in cargo management.
Speaking during a sensitisation exercise with stakeholders at the Apapa Customs Command on Monday, Comptroller-General of Customs (CGC) Adewale Adeniyi said the initiative marks a decisive step towards ending decades of inefficiencies in managing overtime cargo—some of which have remained unresolved for more than 15 years.
Adeniyi disclosed that over half of the complaints received by his office daily are linked to overtime cargo clearance challenges.
He stressed that the automation drive is not aimed at boosting revenue but at facilitating trade.
“In 2024, our revenue profile rose to ₦6.3 trillion, yet less than one percent came from the sale of overtime cargo. Our objective is not about revenue but about transparency, efficiency, and supporting economic growth,” he stated.
The Customs boss explained that special desks have been created at headquarters and across commands to prioritise cargo tied to critical government projects in sectors such as power, roads, health, and education, alongside organised private sector imports and diplomatic consignments.
Adeniyi assured stakeholders that the end-to-end digital clearance system will block loopholes, minimise human interference, and curb corruption.