The LCCI has commended the Nigeria Customs Service for suspending the 4% FOB charge on imports, viewing it as a response to business community concerns. The director general of LCCI, Chinyere Almona, emphasized the necessity of avoiding additional costs amidst inflation. The organization remains committed to addressing policies that promote a conducive business environment and economic growth in Nigeria.
The Lagos Chamber of Commerce & Industry (LCCI) has praised the Nigeria Customs Service (NCS) for swiftly suspending the 4% Free on Board (FOB) levy on imports. This suspension is viewed as a proactive response to the pressing concerns of the business community regarding the levy’s detrimental effects on trade and investment, particularly in a challenging economic climate.
Chinyere Almona, the director general of LCCI, expressed satisfaction with the NCS’s decision, stating that it showcases a willingness to engage stakeholders and address the current challenges facing businesses in Nigeria. She emphasized that avoiding additional costs is crucial in light of rising inflation.
Previously, the NCS mandated a 4% charge on the FOB value of imports, leading to increased expenses for importers. Almona reiterated LCCI’s commitment to fostering constructive dialogue with government agencies to develop policies that promote economic growth, trade efficiency, and a better business environment.
The LCCI encouraged ongoing collaboration between policymakers and the private sector in shaping regulations that enable sustainable economic development. Almona acknowledged the NCS’s responsiveness to business concerns and highlighted the chamber’s dedication to engaging relevant stakeholders for the nation’s economic advancement.
Finally, she urged the government to maintain a focus on policies that create favorable business conditions, attract investments, and boost economic growth. Almona reaffirmed the LCCI’s commitment to partnering with the government to enhance Nigeria’s economic competitiveness on a global scale.
The LCCI acknowledges the Nigeria Customs Service’s swift action in suspending the 4% FOB charge, highlighting its importance for businesses during inflationary times. The chamber remains dedicated to facilitating dialogue with government bodies to cultivate policies that support economic growth and a favorable business environment in Nigeria.
Original Source: businessday.ng
