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Call for finance minister’s intervention
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Say could lead to high costs of goods
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Increase economic hardship with social unrest
The South East Amalgamated Markets Traders Association (SEAMATA) has voiced its objection to what it described as an “astronomical and indiscriminate” increment in the import duty on cargoes charged by Nigerian Customs Service (NCS).
According to a statement jointly signed by Gozie Akudolu, SEAMATA’s president general, and Alex Okwudiri, its secretary general, current import duties are no longer calculated based on invoice value of consignments, as the Nigerian customs have, on their own, worked out payable import duty now based on ‘estimated’ invoice value of consignment as against the actual invoice value of goods from the country of origin.
The umbrella body of the South East traders based in Nigeria and the diaspora further noted that the amount charged on cargoes as import duties which stood at N750,000 in 2020 has risen in geometric proportion to N3.3 million for 40-ft containers, while 20-ft containers surged to N1.8 million.
This development, it said, is not only bringing untold hardships to importers but is also compounding the pains of the citizens as it dovetails to an astronomical increase in prices of imported goods as the Nigerian Customs estimated invoice value is always far above the actual cost of the imports.
“The indiscriminate estimate of value of goods by Nigerian customs is adversely affecting the prices of goods in the markets today, both imported and locally-produced as it triggers a chain reaction. Even agricultural products are not spared in the chain effect of the price increase,” the statement read.
The traders appealed to Zainab Ahmed, the minister of finance, budget and national planning, to prevail on the Nigerian Customs to, as a matter of urgency, suspend the exercise to save Nigerian citizens from additional economic hardships, noting that further economic pains that follow such situations could lead to social unrest within the country.
