The Lagos Chamber of Commerce and Industry has expressed concerns over the continued enforcement of the suspended 4 percent Free-on-Board (FoB) levy, by the Nigeria Customs Service.
The Chamber in a statement recalled that the Honourable Minister of Finance, issued a formal directive to the Nigeria Customs Service suspending the levy.
The statement signed by LCCI Director General Dr. Chinyere Almona, on Monday, argued that such ministerial pronouncement should have taken immediate effect, unless it was overturned by the national assembly or by any of the nation’s competent courts.
The Chamber contended that the continued collection of the levy would continue to raise import costs, erode competitiveness and undermine investor confidence.
“LCCI therefore calls on the Nigeria Customs Service to recalibrate its systems without delay to reflect the ministerial directive, and issue a public notice confirming compliance.
“We also urge the Ministry of Finance and the National Assembly to engage promptly to remove any legal ambiguity.
“Nigeria’s business community needs policy clarity and institutional coordination to sustain trade, jobs, and economic growth,” it stated.
