In a major policy shift, the Nigeria Customs Service (NCS) has officially withdrawn the 4% import charge, a move expected to ease financial burdens on businesses, reduce consumer prices, and stimulate economic growth.
The decision follows extensive consultations with industry stakeholders, aiming to create a more favorable business climate by lowering import costs. Experts believe this policy will strengthen supply chains, attract investments, and enhance Nigeria’s global trade competitiveness.
For importers and manufacturers, the removal of this levy means reduced operational costs, which could translate into more affordable goods for consumers. Economic analysts have praised the initiative, emphasizing that lowering import expenses will make local industries more competitive in the international market.
Despite the positive outlook, some stakeholders have raised concerns about the policy’s execution, urging authorities to ensure a smooth transition free from bureaucratic hurdles. In response, customs officials have assured the public that necessary adjustments are being implemented to prevent disruptions.
As Nigeria continues its push for economic reforms, this policy change marks a significant step toward fostering a more business-friendly environment, encouraging foreign investment, and driving long-term economic stability.
