The Nigeria Customs Service has entered into a landmark agreement with the Manufacturers Association of Nigeria to exempt specific categories of cargo from the 4 percent Free On Board import levy.
At the signing ceremony, the Comptroller-General of Customs, Mr. Adewale Adeniyi, emphasized that the move reflects both institutions’ dedication to advancing Nigeria’s economic agenda by strengthening the manufacturing sector.
According to Adeniyi, the agreement underscores the need to align customs’ trade facilitation mandate with the growth priorities of manufacturers.
He explained that wide-ranging consultations between the NCS and MAN had identified several areas of common ground and support structures that would improve industrial activities and, by extension, 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.
Also speaking, the President of MAN, Otunba Francis Meshioye, hailed the development, stressing that the exemption of machinery, raw materials, and aircraft spare parts from the levy would ease production costs, bring down the prices of goods and services, and play a role in taming inflation.
