Importers and clearing agents have raised concerns over rising port charges following changes introduced by the Nigeria Customs Service NCS in its foreign exchange valuation framework. Stakeholders say the adjustments have effectively recreated a multiple foreign exchange regime, increasing the cost of cargo clearance and adding financial pressure on businesses already grappling with inflation.
According to industry sources, the NCS recently revised the exchange rate used to calculate import duties, incorporating an additional 7 percent margin. The development has led to higher payable duties at the ports, with traders reporting sudden spikes in overall landing costs.
Port operators argue that unpredictability in duty valuation complicates planning and pricing. Many import dependent businesses say they are forced to pass on the increased costs to consumers, potentially worsening inflationary trends in the domestic market.
Customs authorities have defended the move, stating that exchange rate adjustments are tied to prevailing monetary conditions and are necessary to align duty calculations with official benchmarks. Officials insist that the policy is not intended to create multiple rates but to ensure revenue accuracy.
Economists note that exchange rate volatility remains one of the most significant challenges in Nigeria trade environment. They warn that inconsistent application of rates may discourage investment and strain supply chains.
Clearing agents have called for clearer communication and greater stability in valuation processes. They stress that consistent policies would improve compliance and reduce disputes between importers and customs officials.
As discussions continue, stakeholders are urging authorities to balance revenue objectives with economic sustainability. Observers say transparent engagement with industry players will be essential in preventing disruptions across Nigeria ports.
