CBN Approves 43% Increase in Import Duty Rate, Sparking Concerns

The Central Bank of Nigeria (CBN) has approved a significant 43% increase in the import duty rate, taking the exchange rate for duty collection from N951.842 per $1 (December 2024) to N1356.42. This unexpected move has stirred concerns among importers and trading stakeholders.

Dr. Muda Yusuf, CEO of the Center for the Promotion of Private Enterprises, expressed shock, emphasizing the potential worsening of the already challenging economic situation. He warned of the broad repercussions, impacting trade volume, transportation costs, shipment expenses, and clearing costs.

Yusuf cautioned that this increase could decelerate activities in the maritime sector and urged consideration of the implications by CBN authorities. Former Executive Secretary of the Nigerian Shippers Council, Mr. Hassan Bello, echoed concerns about the Naira’s depreciation, advocating for a shift towards more exports to counter the impact on various sectors.

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