By Godwin Oritse
The Nigeria Customs Service (NCS) and the Manufacturers Association of Nigeria (MAN) have reached an agreement to exempt certain categories of cargoes from the 4 percent Free On Board (FOB) import levy.
Speaking at the signing ceremony, Comptroller-General of Customs, Mr. Adewale Adeniyi, reaffirmed the commitment of both institutions to supporting Nigeria’s economic transformation by boosting the performance of the manufacturing sector.
Adeniyi said the agreement demonstrated the importance of aligning customs’ trade facilitation goals with the developmental needs of manufacturers. He explained that extensive consultations between the parties identified multiple areas of mutual interest and support mechanisms to enhance manufacturing operations for the benefit of the economy.
“This meeting was convened following the Ministry of Finance’s directive on the temporary suspension of the 4% FOB charge, which allowed for comprehensive stakeholder consultation as required under the Nigeria Customs Service Act 2023. The dialogue gave us an opportunity to openly discuss the operating environment for manufacturing in Nigeria, and both organisations remain committed to driving industrial growth through collaboration,” Adeniyi stated.
On his part, President of MAN, Otunba Francis Meshioye, commended the agreement, noting that exempting machinery, raw materials, and aircraft spare parts from the levy would help reduce production costs, lower the prices of goods and services, and ultimately contribute to curbing inflation.
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