HomeFeaturesIgbo Traders Reject New Increment In Customs Import Duty

Igbo Traders Reject New Increment In Customs Import Duty

Listen to article

Igbo traders under the aegis of the South-East Amalgamated Markets Traders Association (SEAMATA) on Tuesday roundly rejected the recent ‘astronomical and indiscriminate’ increment in the import duty on cargoes charged by the Nigerian Customs.

The Eastern Updates reports that SEAMATA, which is the umbrella union of traders in all the markets in the South East geo-political zone and traders of south east extraction doing business across the country and in Diaspora, said the new increment would cause untold hardship to both its members and the masses, and called for the suspension of the exercise.

In a statement signed by SEAMATA’s President-General and Secretary-General, Chief Gozie Akudolu and Mr. Alex Okwudiri, respectively, in Enugu, the association noted that the Nigerian Customs introduced a method of working out import duty payment on goods and set out a particular minimum amount payable for each 40ft container, and with it, items with the least percentage tariff of five percent were not even spared.

Read Also: 2023: Kanu Is Weakening South-East’s Chances – Yakasai

SEAMATA further complained that current import duties were no longer calculated based on invoice value of consignments.

The association said: ‘Between 2020 and now, the amount charged on cargoes as import duties have risen in geometric proportion from ₦750,000 to ₦2 million, again to ₦3 million and presently, to ₦3.3 million for 40ft containers; while 20ft containers jumped to ₦1.8 million.

‘The Nigerian Customs on their own, work 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.

‘This development is not only bringing untold hardships to importers, but is also compounding the pains of the citizens as it dovetailed to astronomical increase in prices of imported goods as the Nigerian Customs estimated invoice value is always far above the actual cost of the imports.

‘We are appealing to the Honourable Minister of Finance, Budget and National Planning to prevail on the Nigerian Customs to, as a matter of urgency, suspend the exercise’. 


- Advertisment -

Most Popular

Recent Comments