Nigerians may pay more for commodities, as new duty regime bites

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Nigerians may be bracing for higher prices of commodities as the spiral effect of the sudden increase in import duty by over 6.1 per cent by the Federal Government, takes toll on prices.Already, importers and manufacturers are groaning under the new regime and the impact on their businesses.

However, the new regime introduced by the Central Bank of Nigeria (CBN) may also worsen smuggling, import concealment and under declaration of goods imported into the country through the seaports, airports and land borders.CBN had recently jerked the exchange rate on imported goods from N306 to N326 per dollar, which took effect immediately, catching the clearing agents and importers unawares.

The Guardian gathered that the Nigeria Customs Service (NCS) had immediately commenced implementation of the new duty rate, which would apparently increase its revenue generation. For the importers, some of them have opted to close their shops or leave the country in search of a conducive business environment elsewhere in the region.

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