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Mr. Peter Obi, the presidential candidate of the Labour Party (LP), criticized the Federal Government for the continuous rise in customs duties, asserting that it has severely impacted businesses in Nigeria, resulting in closures, job losses, and widespread hardship.
In a post on his verified social media handle, the former governor of Anambra State urged the government to put an end to the inconsistency in duty charges, emphasizing that the arbitrary and continually increasing customs duties must be halted as they are adversely affecting businesses and escalating the cost of goods, posing a significant threat to the economy.
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Obi expressed concern over the business challenges arising from varying duty calculations based on different exchange rates, leading to losses and contributing to inflation.
He warned that such arbitrary charges could lead to more business closures and job losses, with importers potentially shifting to ports in neighboring countries, resulting in reduced productivity and deeper economic challenges due to revenue loss.
Obi emphasized the need for the government to demonstrate policy consistency for effective economic forecasting and business planning, highlighting the detrimental impact of poor and inconsistent economic policies on businesses and manufacturers.
Stressing the importance of supporting businesses, particularly in the manufacturing sector, Obi urged the government to prioritize the survival of local businesses, employment, and a reasonable cost of living over targeting high customs revenues.
He emphasized that the small business sector is a critical engine of economic growth and called for efforts to sustain businesses and foster economic growth.
