Market News

By Anozie Egole

Following the earlier announcement of the suspension of the four per cent Free-on-Board charge on imports, the Nigeria Customs Service has said that all import declarations made during the initial implementation period have been cancelled.

The National National Public Relations Officer of the service, Abdullahi Maiwada, disclosed this in a statement on Monday.

Maiwada explained that the measure is necessary to ensure clarity, maintain consistency in customs operations, and prevent any disruptions in clearance processes.

He said the affected importers, customs agents, and stakeholders are required to recapture their declarations to proceed with the clearance of their goods.

“Sequel to the earlier press release announcing the suspension of the four per cent Free-on-Board charge on imports, the Nigeria Customs Service wishes to inform stakeholders that all import declarations made during the initial implementation period have been canceled,” Maiwada said.

He urged all affected stakeholders to promptly recapture their entries through the designated customs processing platforms.

According to him, the NCS has put measures in place to ensure this process is seamless.

“Customs commands nationwide have been directed to provide the necessary assistance and clarifications to importers and agents requiring support during this period,” he said.

Miawada emphasised that the service remains steadfast in its commitment to implementing government fiscal policies in alignment with the provisions of the “Nigeria Customs Service Act 2023 through robust consultation and dialogue with all stakeholders.”

He said the decision to cancel previous declarations and give room for recapturing is part of the service’s broader effort to be a public-centric organisation that ensures efficient service delivery.

“Under the leadership of the Comptroller-General of Customs, Adewale Adeniyi, the service remains committed to demonstrating openness and transparency in its engagements with stakeholders,” he said.

He encouraged stakeholders to take advantage of the opportunity to avoid any further delays in the clearance of their consignments.

The PUNCH reports that the NCS earlier this month, announced the suspension of the implementation of the widely criticised four per cent Free-on-Board value on imports.

The amount, as stipulated in Section 18(1)(a) of the Nigeria Customs Service Act 2023, has already raised concerns among businesses struggling with high operating costs.

Maiwada said the suspension presents an opportunity to review our revenue framework holistically.

The FOB charge, which is calculated based on the value of imported goods, including transportation costs up to the port of loading, means importers will pay more to bring goods into Nigeria, a cost that will likely be passed on to consumers.