The Nigeria Customs Service NCS has begun consultations with the Federal Ministry of Finance on alternative funding sources after the government ordered the suspension of the four per cent Free-on-Board FOB charge on imports.
The directive, issued on Monday by Wale Edun, Nigeria's finance minister, was acknowledged by Customs in a statement late Tuesday. It marks the second time the levy has been put on hold since its official rollout in February.
The charge was introduced to replace the one per cent Comprehensive Import Supervision Scheme CISS fee and the 7 per cent levy on customs duties, but it immediately drew heavy criticism from manufacturers, clearing agents and other trade groups who warned that the burden would cripple the industry and trickle down to final consumers.