The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to review the four per cent Free-on-Board (FOB) levy on exports and expand the list of exempted products, especially those related to agricultural inputs, renewable energy, and industrial machinery.
Speaking during its State of the Economy Address on Thursday in Lagos, the President of the Chamber, Gabriel Idahosa, said that while the levy was designed to boost government revenue, it was hurting export competitiveness and discouraging domestic production.
“The intent to enhance revenue is understandable, but this policy undermines competitiveness, discourages manufacturing, and contradicts the diversification agenda,” Idahosa stated.
He urged the government to ensure that the review of the policy aligns with trade facilitation and productivity objectives rather than penalising producers.
“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,” he added.
The LCCI president reaffirmed the Chamber’s support for the government’s drive to mobilise more non-oil revenue, but stressed that fiscal reforms should be technology-driven, transparent, and growth-oriented.
He noted that a balanced approach to revenue generation would enhance Nigeria’s export competitiveness, promote industrialisation, and sustain economic diversification efforts.
