The Lagos Chamber of Commerce & Industry (LCCI) has said that the Nigeria Customs Service (NCS) prompt response in suspending the 4% Free on Board (FOB) levy on imports into Nigeria demonstrates a commitment to stakeholder engagement and responsiveness to the realities facing businesses operating in Nigeria.

The Chambers commended NCS for its prompt response, stating that the decision is a positive response to the concerns raised by the business community regarding the adverse economic implications of the levy on trade, investment, and a conducive business environment.

Dr. Chinyere Almona, the

Director-General, LCCI, stated that following the Chambers media statement and formal engagements with relevant authorities, it is  pleased that the NCS has taken swift action to suspend the levy.

“With the drive to curb our rising inflation, any additional cost to businesses should be avoided at this time.”

She stated that as an  advocate for a conducive business environment, the LCCI remains committed to constructive dialogue with government agencies to ensure policies that foster economic growth, enhance trade efficiency, and promote ease of doing business.

“We urge continued collaboration between policymakers and the private sector in shaping regulatory frameworks that support sustainable economic development.

“We appreciate the Nigeria Customs Service for listening to the concerns of businesses and taking decisive action in the interest of economic stability.

Almona added that the Chamber will continue to engage with all relevant stakeholders to ensure policies that support Nigeria’s economic growth and competitiveness in the global market.

She thereby urged the government to continue prioritizing policies that create an enabling environment for businesses, attract investment, and stimulate economic growth. “The LCCI remains committed to collaborating with the government to drive policies that support Nigeria’s economic advancement and global competitiveness,” she stated.

It will be recalled that the Chamber had raised concern over the abrupt implementation of the newly introduced four percent Customs Processing Charge (CPC), where it called on the Federal Government and the Nigeria Customs Service (NCS) to suspend the enforcement of the charge.

The chambers had advised that the government should engage in a structured sensitization process to ensure stakeholders are adequately informed and prepared before its implementation.