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NEWS

Review Import Duty, Importers Beg Stakeholders

October 14, 2023 • 1 min read

Importers have urged the authorities and stakeholders to review the current import duty structure in the country as foreign exchange has led to its escalating costs.

The former acting president of the Association of Nigerian Licensed Agents, Dr Kayode Farinto, made the appeal, according to a statement on Friday, adding that the recent surge in import duty due to the volatile exchange rate would burden the average Nigerian consumer.

Farinto said: “The current exchange rate fluctuations have caused import duties to rise to unprecedented levels, making it increasingly difficult for importers to maintain competitive pricing while staying afloat in the market.

“We call upon the relevant authorities and stakeholders to urgently review the current import duty structure and devise comprehensive measures to address these challenges.

“It is crucial to strike a balance between generating revenue for the government and maintaining a favorable environment for importers to contribute positively to the Nigerian economy.”