Importers lament surging import duties induced by volatile exchange rate

Importers and clearing agents in Nigeria have expressed dismay about the escalating import duties resulting from the current foreign exchange rate in the country.

The import duties have surged by over 200 per cent, significantly impacting the cost of imported goods. This disproportionately affects importers, as Nigerians primarily rely on imports for various goods and commodities.

The Managing Director, Global Waves Freight and Logistics Limited, Emeka Anitche, in a statement, said that the recent surge in import duties due to the volatile exchange rate would inevitably burden the average Nigerian consumer – the final recipient of the imported goods.

According to him, the cost of trade has always been a significant concern for importers, and the sudden increase in import duty rates further exacerbates this challenge.

“The economic realities faced by importers in Nigeria today are directly impacting their ability to source and supply affordable goods to meet the needs of the Nigerian population.

“The current exchange rate fluctuations have caused import duties to rise to unprecedented levels, making it increasingly difficult for importers to maintain competitive pricing while staying afloat in the market.

“The implications of this situation are far-reaching, as the increased import duty will ultimately translate into higher prices for imported goods, thus burdening the average Nigerian consumer.

“It is important to highlight that importers play a crucial role in spurring economic growth, job creation, and ensuring a vibrant consumer market. However, the escalating import duty rates threaten the continuity of import-driven businesses, which will inevitably have a ripple effect throughout the economy,” he stated.

Anitche, however, called on the relevant authorities and stakeholders to urgently review the current import duty structure and devise comprehensive measures to address the challenges.

“It is crucial to strike a balance between generating revenue for the government and maintaining a favorable environment for importers to contribute positively to the Nigerian economy.

“Importers in Nigeria remain committed to providing the Nigerian population with affordable and quality goods. However, we foresee that unless action is taken promptly to address the grievances caused by the surging import duties, the burden will be shouldered by the average Nigerian consumers,” he said.