The Nigeria Employers’ Consultative Association (NECA) has praised the federal government for suspending the controversial 4 percent Free on Board (FOB) levy previously imposed by the Nigeria Customs Service (NCS). Speaking from Lagos, NECA’s Director-General, Adewale-Smatt Oyerinde, described the move as a clear signal of the government’s dedication to strengthening the organised private sector and fostering economic growth.
Oyerinde also welcomed the withdrawal of a proposed five percent tax on telecommunications services, highlighting both decisions as part of the administration’s broader commitment to enhance business sustainability, competitiveness, and large-scale employment generation.
“We commend the Minister of Finance and the Coordinating Minister of the Economy for their decisive action, which underscores the government’s resolve to grow the economy by empowering the organised private sector,” Oyerinde said.
He further urged the Nigeria Customs Service to implement the suspension directive without delay, emphasizing the importance of swift execution in order to fully realize the benefits for businesses.
In addition to praising these steps, NECA called on other government bodies to review and eliminate “unnecessary” fees and levies that place additional burdens on businesses and stifle economic development.
Oyerinde also expressed concern about the Financial Reporting Council of Nigeria, which continues to impose levies despite a presidential directive ordering their suspension. “Ignoring the President’s clear instructions is both worrying and unacceptable,” he remarked.
The NECA chief reiterated the vital role organised businesses play in Nigeria’s economic progress, pointing out their ability to attract investments, stimulate trade, create jobs, and provide sound policy recommendations across all levels of government.
This announcement follows the federal government’s official suspension of the newly introduced FOB levy on imported goods, effective immediately as of September 15.
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