New 4% FOB Charge by Customs Sparks Outcry Among Importers and Clearing Agents

New 4% FOB Charge by Customs Sparks Outcry Among Importers and Clearing Agents

The Nigeria Customs Service’s recent approval of a 4% free on board (FOB) valuation charge has triggered widespread concern among importers, clearing agents, and members of the business community.

Stakeholders are warning that the new policy could lead to a significant rise in the cost of clearing goods at ports, ultimately pushing up prices for consumers and placing more pressure on citizens already struggling with economic hardship.