Labour Party’s 2023 presidential candidate, Peter Obi, has called on the Federal Government to address the issue of inconsistent duty charges imposed by the Nigeria Customs Service, emphasizing its adverse impact on the country’s business environment.
Expressing his concerns on X (formerly Twitter) Wednesday morning, Obi highlighted that the inconsistency in duty charges negatively affects businesses across the nation. He cautioned that if not rectified, importers might divert their shipments to neighboring countries’ ports, leading to decreased productivity in Nigerian ports and further economic downturns due to revenue loss.
I wish to urgently call on the Federal Government of Nigeria to end the inconsistency in duty charges as it is affecting the general business atmosphere in the country. The federal government should stop the arbitrary and ever-increasing customs duties as
— Peter Obi (@PeterObi) February 21, 2024
Obi articulated, “The Federal Government must halt the arbitrary and escalating customs duties, which are detrimentally impacting businesses and item costs, posing significant risks to the economy.”
He pointed out the predicament where importation documentation is based on a certain exchange rate, but duties are later calculated at different rates upon the goods’ arrival in Nigeria. This disparity, according to Obi, results in business losses, exacerbates inflation, and threatens the closure of enterprises, leading to job losses.
The former Anambra State Governor emphasized the importance of consistent government policies for economic forecasting and business planning, noting the adverse effects of poor and inconsistent economic policies on businesses and manufacturing sectors.
Obi urged the government to prioritize supporting businesses, particularly in the manufacturing sector, to sustain economic growth, highlighting the pivotal role of small businesses in driving economic development.
He stressed the need to balance customs revenue targets with the survival of local businesses, employment opportunities, and a reasonable cost of living, underscoring the significance of fostering an environment conducive to business growth and sustainability.
