The Lagos Chamber of Commerce and Industry has urged the Federal Government to review the four per cent Free-on-Board levy on exports to expand the list of exempted products, particularly those related to agricultural inputs, renewable energy, and industrial machinery.
The Chamber, during its address on the State of the Economy on Thursday in Lagos, said that the current levy, though aimed at raising revenue, was undermining export competitiveness and discouraging domestic production. President of the Chamber, Gabriel Idahosa, said the review should align with trade facilitation and productivity goals rather than penalising producers.
“The intent to enhance revenue is understandable, but this policy undermines competitiveness, discourages manufacturing, and contradicts the diversification agenda,” he said.
“We therefore call for a review of the levy to expand the list of exempted products, particularly those related to agricultural inputs, renewable energy, and industrial machinery. This review should align revenue generation with trade facilitation objectives rather than penalising producers.”
The Chamber, he noted, supports the government’s drive to mobilise more non-oil revenue but urged that fiscal reforms be technology-driven and transparent.
