Peter Obi, the 2023 presidential candidate of the Labour Party, has called on the Federal Government to address the inconsistency in duty charges levied by the Nigeria Customs Service, warning of dire consequences for the economy if left unattended.
Expressing his concerns on X (formerly Twitter) on Wednesday morning, Obi highlighted the adverse impact of fluctuating duty charges on the business environment, emphasizing the need for urgent intervention.
He cautioned that if the situation persists, importers may opt for neighboring countries’ ports, leading to decreased productivity in Nigerian ports and further economic downturn.
“I wish to urgently call on the Federal Government of Nigeria to end the inconsistency in duty charges as it is affecting the general business atmosphere in the country,” Obi stated.
He further elaborated on the challenges posed by sudden changes in exchange rates during the importation process, leading to unexpected financial burdens on businesses and exacerbating inflationary pressures.
Obi stressed the importance of policy consistency for economic forecasting and business planning, noting that the current environment of uncertainty is detrimental to business growth and job creation.
“All efforts of the government should be directed at supporting businesses, especially those in the manufacturing sector, to keep their businesses afloat and keep the economy growing, as the small business sector remains the most critical engine of economic growth,” Obi asserted.
In conclusion, he urged the government to prioritize the survival of local businesses and maintain a conducive environment for economic stability.
The call comes amidst growing concerns over the impact of inconsistent economic policies on businesses and the broader economy, with stakeholders advocating for decisive action to address the challenges faced by importers and manufacturers alike.
