Manufacturers Halt Increasing Products Prices following Suspension of 4% FOB – MAN
The Association urges the Nigeria Customs Service (NCS) to swiftly communicate the directive to all relevant commands, so that the charge will go off its portal.
The Association urges the Nigeria Customs Service (NCS) to swiftly communicate the directive to all relevant commands, so that the charge will go off its portal.
The association noted that in the West African sub-region, comparable economies such as Ghana, Côte d’Ivoire, and Senegal have maintained targeted inspection or collection fees within the 0.5% to 1% FOB range, imposing higher levies only on luxury or non-essential imports.
The manufacturers emphasized that it has become a matter of national interest for the project’s contractor to ensure strict adherence to the Executive Orders 003, 005 and the imperatives of the President Bola Ahmed Tinubu’s Nigeria First Policy.
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The dialogue concluded with recommendations including the need for MAN and the Joint Tax Board to develop a harmonised framework for nationwide adoption, stronger sensitisation campaigns, provision of dedicated help lines for transporters, and periodic stakeholder engagement to review progress.
Ajayi-Kadir made the disclosure during the 58th yearly general meeting of the Ikeja Branch of the association, yesterday, blaming the development on ‘glitch’ within the customs service.
Political will is essential. Without legislation and effective implementation of a progressive automotive policy, the country risks an unchecked influx of grey imports and reduced investor confidence in the sector.
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PHOTO (L-R) : Dr Ayotunde Coker, CEO of Open Access Data Centres; Prof Nnaleyugo Martin Ike-Muonso, Director-General of the Raw Materials Research and Development Council, RMRDC.; Chief Uche Geoffrey Nnaji, Minister of Innovation, Science and Technology, Folashade Ambrose- Medebem, Honourable Commissioner for Commerce, Cooperatives, Trade and Investment; Otunba Francis Meshioye, the President of the Manufacturers Association…