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Nigeria’s Finance Minister, Wale Edun, has ordered the immediate suspension of the controversial 4% Free on Board (FOB) levy on imports, citing risks to trade facilitation, inflation, and economic competitiveness. The levy, introduced by the Nigeria Customs Service, had drawn strong pushback from manufacturers, importers, and customs agents, who warned it would raise costs and worsen inflationary pressures. In a circular signed by the ministry’s Permanent Secretary, Edun emphasized that the pause will allow for broader consultations and a review of the levy’s economic impact. He added that the goal is to design a fairer revenue framework that balances government earnings with sustainable business growth.
The Guardian