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Nigeria suspends 4% import levy amid business backlash over inflation and trade concerns.
Nigeria has suspended the 4% Free on Board import levy introduced by the Nigeria Customs Service, following widespread criticism from businesses and trade groups.
The move, directed by Finance Minister Wale Edun, aims to address concerns that the levy would increase inflation, raise import costs, and harm trade competitiveness.
The suspension allows for a review of the levy’s framework and economic impact, with the government working with stakeholders to develop a more equitable revenue measure.
The charge, initially introduced to fund customs modernization, faced backlash for its negative effects on businesses and the broader economy.
Nigeria suspende el gravamen de importación del 4% en medio de la reacción de las empresas por la inflación y las preocupaciones comerciales.