FG Suspends 4% FOB Levy on Imports to Boost Trade Competitiveness

The Federal Government of Nigeria has directed the Nigeria Customs Service to suspend the implementation of the 4% Free on Board (FOB) levy on imported goods. This decision, communicated through a circular dated September 15, 2025, aims to address challenges in trade facilitation and economic stability.

Minister of Finance and Coordinating Minister for the Economy, Wale Edun, highlighted the need for a comprehensive stakeholder engagement to review the levy's framework and its broader economic implications. The suspension follows concerns raised by importers and businesses regarding increased financial burdens, inflation, and reduced trade competitiveness.

The move is expected to create a more conducive business environment in Nigeria.