Prices of imported goods, such as vehicles and spare parts, are expected to surge as the Nigeria Customs Service (NCS) officially commences the collection of a new four percent Free-on-Board (FoB) levy on all imports. The levy, which took effect Monday, replaced the one percent Comprehensive Import Supervision Scheme (CISS) charge, calculated based on the value of imported goods, including transportation costs to the port of origin. Car dealers, already grappling with high import duties and a volatile Naira, are expected to be among the worst hit. For instance, a…
Read MoreCargo Clearance: Vehicles, parts’ prices to surge, as Customs 4% FoB levy begins
