NIGERIAN CUSTOMS TO REINSTATE CONTROVERSIAL FOUR PER CENT FOB IMPORT CHARGE
The Nigerian Customs Service (NCS) is set to reintroduce the suspended four per cent Free-on-Board (FOB) import charge, following consultations with stakeholders, despite earlier backlash from businesses. The Comptroller-General of Customs, Bashir Adeniyi, made the announcement during a press briefing in Abuja, where he also revealed that the service granted over N95.1 billion in duty exemptions on food imports between 2024 and Q1 2025.
Adeniyi acknowledged that while the suspension of the FOB levy earlier in the year created temporary relief for importers, its absence disrupted Customs revenue projections. The proposed reinstatement, however, is likely to spark fresh concerns among importers and consumers due to the risk of inflationary pass-throughs.
Nonetheless, the CG defended the service’s broader food security efforts, crediting the duty waivers on rice, maize, sorghum, and wheat with a 12–18 per cent drop in prices. He stressed that both immediate and long-term exemptions are beginning to ease food costs.
On another front, Adeniyi also disclosed that Nigeria will soon begin diplomatic talks with the United States over a new 14 per cent reciprocal tariff imposed on Nigerian exports. The Ministry of Industry, Trade and Investment is leading the talks, with Adeniyi emphasizing a “regional approach” that aligns with Nigeria’s position as ECOWAS chair.
