The Nigeria Employers’ Consultative Association (NECA) has called for the immediate reversal of the four per cent import levy recently introduced by the Nigeria Customs Service (NCS), warning that it could worsen economic hardships for businesses and consumers.
In a statement on Sunday, NECA’s Director-General, Adewale-Smatt Oyerinde, criticized the policy as ill-timed and counterproductive, arguing that businesses are already struggling with multiple taxes, policy inconsistencies, and economic instability. He stressed that imposing an additional financial burden on importers would drive up production costs, fuel inflation, and threaten jobs.
The levy, which took effect on February 5, was announced by NCS spokesman Abdullahi Maiwada, who stated that it aligns with the provisions of the Nigeria Customs Service Act (NCSA) 2023. However, Oyerinde contended that policies should support economic growth rather than stifle it, especially as businesses grapple with rising unsold inventories and increasing unemployment.
He urged the government to engage stakeholders in meaningful dialogue and explore alternative revenue-generation strategies that do not negatively impact businesses and consumers. According to him, easing financial pressures on businesses is crucial to fostering sustainable economic recovery.
NECA’s opposition to the levy reflects growing concerns among business leaders about the country’s economic direction. Many fear that unchecked policy measures could further strain an already fragile economy, making everyday life more difficult for Nigerians.
