Nigeria suspended a customs levy on all imported goods, citing the tariff’s potentially adverse impact on the government’s push to grow trade and tame inflation.
The 4% charge was initially passed two years ago. But interest groups — including clearing agents, importers, and Nigeria’s largest manufacturers’ trade association — criticized it for hindering trade competitiveness and hampering industry.
Announcing the tax’s suspension, Finance Minister Wale Edun said it became clear after industry consultations that the levy “poses significant challenges to Nigerian trade facilitation, the business environment, and economic stability.”
The levy was introduced as part of Nigeria’s revenue expansion drive, but the government has also made inflation reduction a key goal. Inflation slowed for the fifth consecutive month to 20.12% in August, according to government data.
