The Lagos Chamber of Commerce & Industry (LCCI) has commended the Nigeria Customs Service (NCS) for its prompt response in suspending the 4.0 per cent Free on Board (FOB) levy on imports into Nigeria.

The chamber said that “this decision is a positive response to the concerns raised by the business community regarding the adverse economic implications of the levy on trade, investment, and a conducive business environment.”

According to the Director General of LCCI, Dr. Chinyere Almona, “we are pleased that the NCS has taken swift action to suspend the levy.

“This demonstrates a commitment to stakeholder engagement and responsiveness to the realities facing businesses operating in Nigeria.

“With the drive to curb our rising inflation, any additional cost to businesses should be avoided at this time.”

Almona said that as an advocate for a conducive business environment, the LCCI remained committed to constructive dialogue with government agencies to ensure policies that foster economic growth, enhance trade efficiency, and promote ease of doing business.

She said: “We urge continued collaboration between policymakers and the private sector in shaping regulatory frameworks that support sustainable economic development.

“We appreciate the NCS for listening to the concerns of businesses and taking decisive action in the interest of economic stability.

“The chamber will continue to engage with all relevant stakeholders to ensure policies that support Nigeria’s economic growth and competitiveness in the global market.

“We urge the government to continue prioritising policies that create an enabling environment for businesses, attract investment, and stimulate economic growth.”