The Nigerian Customs Service (NCS) has stopped collecting the 4% Free-on-Board (FOB) charge on imported goods. This is a big relief for importers and businesses because it helps reduce costs.
FOB stands for Free-on-Board. It is the price of goods before adding shipping and insurance costs. The 4% FOB charge meant importers had to pay extra money based on this value. Many businesses complained that it made goods too expensive and increased inflation.
Many traders and business owners were not happy with the charge. They said it made imports costly, and customers would have to pay higher prices for goods. Experts also warned that it could harm the economy.
To support businesses and reduce inflation, the government decided to stop the charge. This helps make trade easier and more affordable for everyone.
1. Lower Import Costs – Importers will save money because they don’t have to pay the extra 4%.
2. Cheaper Goods – Since import costs are lower, prices of imported goods may go down.
3. Better Business Growth – Businesses can now import more goods without extra costs.
For now, the 4% FOB charge is on hold. However, the government may review or introduce new rules in the future. Importers should stay updated with customs policies to avoid any surprises.
