The Federal Government of Nigeria has officially suspended the enforcement of the 4% Free on Board (FOB) charge recently introduced by the Nigeria Customs Service (NCS), following widespread concerns and pushback from industry stakeholders and economic players.

 

The suspension was announced in a statement issued on Monday, citing the need for further consultations and review of the policy in light of its potential economic implications, especially on importers, exporters, and the broader trade environment.

 

The 4% FOB charge, which was to be applied to all import and export transactions, had sparked criticism from freight forwarders, shipping companies, and the organized private sector, who argued that it would increase the cost of doing business, disrupt supply chains, and worsen inflationary pressures.

 

According to government sources, the decision to suspend the enforcement is aimed at creating room for stakeholder engagement and to ensure that any revenue-generating measure does not adversely affect the ease of doing business or Nigeria’s global trade competitiveness.

 

“The government is committed to maintaining a balanced approach to revenue generation while ensuring that policies do not stifle trade or economic growth,” the statement read.

 

The suspension takes immediate effect, and Customs officers have been directed to halt any further implementation of the 4% FOB charge across ports and border entry points nationwide.

 

Industry experts have commended the government’s decision, urging authorities to prioritize dialogue and transparency in future policy formulations affecting trade and logistics.

 

This development comes as the government intensifies efforts to revitalize the economy, boost investor confidence, and support local businesses under the current administration’s economic reform agenda.