Nigerian importers are troubled by escalating duty costs, following the country’s floating of its foreign exchange rate.[ad] They said import duty has surged by over 200 per cent compared to previous rates, significantly impacting the cost of imported goods.
Nigerian importers are troubled by escalating duty costs, following the country’s floating of its foreign exchange rate. They said import duty has surged by over 200 per cent compared to previous rates, significantly impacting the cost of imported goods. They lamented that the development disproportionately affects Nigerian importers, as the country primarily relies on import…Nigerian importers are troubled by escalating duty costs, following the country’s floating of its foreign exchange rate.
Recall that Comptroller General of Nigeria Customs Service , Bashir Adewale Adeniyi, last week, said floating exchange rate was the major cause of the surge, stressing that nothing had changed in custom duty. Farinto noted that within three to four months, customs had reviewed the duty about three times, urging the agency to consider the huge pain this causes the masses.
He 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. The implications of this situation are far-reaching, as the increased import duty will ultimately translate to higher prices of imported goods, thus burdening the average consumer.
Kenya’s businesses poised for huge pan-African trade growth - empowered by African Continental Free Trade Area and Intra-African Trade Fair Human rights lawyer, Mr. Femi Falana , has urged the National Assembly to amend the nation’s Constitution towards empowering the Accountant-General of the Federation to deduct from source, the counterpart fund payable by every state government to the Universal Basic Education Fund. He also urged the Federal Ministry of Education to reduce the number of…
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