Posted 12/11/2023, 2:20:57 AM
High Import Duties Threaten More Industry Shutdowns, Economy
- New report warns that more industries may shut down due to high import duties making raw materials costlier
- Customs revenue expected to decline as imports through official channels become difficult
- Hike in exchange rate for cargo clearance incentivizes smuggling and hurts businesses
- Frequent exchange rate changes create uncertainty and risk for investors
- Report urges CBN to review decision to raise exchange rate for custom duty calculation to protect economy