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Following an outcry by stakeholders, Minister of Finance and Coordinating Minister of Economy, Wale Edun has directed that the Comptroller General of the Nigeria Customs Service, Bashir Adewale Adeniyi, suspend the implementation of the 4% Free on Board (FOB) levy.
Ripples Nigeria reports that the Customs recently reintroduced the 4 per cent Free on Board (FOB) charge on imports.
However, the introduction of the levy sparked concerns from relevant stakeholders like the Manufacturers Association of Nigeria (MAN), which raised alarm that the levy, which applies to the value of all imports, would further increase the cost of raw materials and machinery that are not available locally and consequently drive up the price of products in the market, fuelling inflation further.
In a welcome development that strengthens the narrative that president Bola Tinubu’s economic agenda are progressive and ensure that government policies are driving sustainability, the Minister after extensive consultations has ordered the suspension of the levy.
According to a circular dated September 15, 2025 from the Minister to the CG, he directed that the levy be suspended due to raised concerns about the increased financial burden the levy imposed, with potential adverse effects on inflation, trade competitiveness, and the overall business climate in Nigeria.
The circular reads, “Pursuant to the powers vested upon the Honourable Minister of Finance and the Coordinating Minister of the Economy under Part Ill, Section 12 of the Nigeria Customs Service Act, 2023 as the Chairman of the Board of Nigeria Customs Services, I write to direct the immediate suspension of the implementation of the collection of 4% Free on Board (FOB) recently levied by the Nigeria Customs Service on all imported goods.
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“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 the Nigerian trade facilitation, environment and economic stability. Many importers and businesses have raised concerns about the increased financial burden this levy imposes, with potential adverse effects on inflation, trade competitiveness, and the overall business climate in Nigeria.
“This suspension will provide an opportunity for comprehensive stakeholder engagement and a thorough review or the levy’s framework and its broader economic implications. The Ministry of Finance looks forward to working closely with the Service and all relevant parties to devise a more equitable and efficient revenue structure that supports both revenue generation and economic growth and stability.” “Ensure strict compliance, please” he noted.
By: Babajide Okeowo
The post Following stakeholders’ outcry, Edun orders Customs CG to suspend 4% FOB implementation appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.
