In a fervent appeal to the Federal Government of Nigeria, Labour Party presidential candidate in the last election, Peter Obi, seeks urgent resolution to the growing concerns surrounding the erratic imposition of duty charges.
In a series of posts on his social media platform, Obi said the current state of affairs is significantly impacting the nation’s business atmosphere, prompting calls for immediate intervention.
The primary grievance revolves around arbitrary and escalating customs duties that are adversely affecting businesses and driving up the cost of goods.
This, Obi said, poses a substantial risk to the economy, with potential consequences ranging from business closures to widespread job losses.
One of the key issues highlighted is the disparity between the exchange rates used during the initiation of importation and the subsequent calculation of duties upon the arrival of goods in Nigeria.
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He said this inconsistency creates a formidable challenge for businesses, leading to financial losses and contributing to an inflationary surge that further compounds the economic strain.
The plea underscores the critical importance of policy consistency, emphasising the need for the government to align its policies with economic forecasting and business planning.
According to Obi, the lack of predictability in economic policies has resulted in a distressing trend of business closures and manufacturing shutdowns.
Expressing concern over the potential exodus of importers to neighbouring countries with more stable policies, the Labour Party candidate cautioned that this shift could render Nigerian ports underproductive, exacerbating the economic downturn by causing a substantial loss of revenue.
Amidst the urgent call for intervention, the business community implores the government to prioritise supporting local businesses, especially those in the manufacturing sector.
Sustaining these businesses is deemed vital to fostering economic growth, with small businesses recognised as the critical engine that drives the nation’s prosperity.
The appeal urges the government to reconsider its approach to customs duties and provide a stable economic environment that fosters business resilience, job retention, and a reasonable cost of living.
(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)
