FOB Levy Suspension To Ease Inflation, Says SEREC

By FIDELUS ZWANSON

THE Sea Empowerment and Research Centre (SEREC) has welcomed the suspension of the four per cent Fee on Board (FOB) levy on imports, saying it will help ease inflationary pressures and protect consumers from higher costs.

In a statement on Thursday, SEREC’s Head of Research, Eugene Nweke, said the decision reflects government responsiveness to concerns raised by importers, trade groups, and consumers about the levy’s potential impact on prices and business competitiveness.

Finance Minister Wale Edun announced the suspension on the 15th of September after consultations with stakeholders. The Nigeria Customs Service (NCS) has since begun talks with the ministry on alternative funding measures.

SEREC praised the move as prudent for macroeconomic stability but warned it was only a temporary reprieve. It recommended a multi-stakeholder task force to design sustainable customs funding models that avoid trade distortions.

It cautioned that without legislative clarity, the levy debate would persist and could undermine business confidence, noting: “This is a policy pause, not a resolution.”