TUE SEPT 16 2025-theGBJournal| The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday directed the immediate suspension of the implementation of the collection of 4% Free on Board (FOB) recently imposed by the Nigeria Customs Service on all Imported goods.
The Minister, said the suspension follows extensive consultations with industry stakeholders, trade expert, and relevant government officials.
”It has become clear that the implementation of the FOB charge poses significant challenges to the Nigerian trade facilitation, environment and economic stability,” Edun said.
The Customs introduced the FOB to consolidate the multiple charges, especially the 1% Comprehensive Import supervision Scheme (CISS) and the 7% cost of collection, imposed on cost of goods, and the cost of transporting the goods to the ports of shipment and loading onto vessels.
The charge is provided for under Section 18(1)(a) of the Nigeria Customs Service Act (NCSA), 2023.
Edun noted that many importers and businesses have raised concerns about the increased financial burden the levies imposes, with potential adverse effects on inflation, trade competitiveness, and the overall business climate in Nigeria.
According to the Finance Minister, ”this suspension will provide an opportunity for comprehensive stakeholder engagement and a thorough review of the levy’s framework and its broader economic implications.”
Edun said he is looking forward to working closely with the Customs Service and all relevant parties to devise a more equitable and efficient revenue structure that supports both revenue generation and economic growth stability.
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