By Oluyinka Onigbinde
Stakeholders in the maritime sector and the wider economy have expressed divergent views over the Federal Government’s sweeping tariff reforms under the 2026 Fiscal Policy Measures, raising concerns over implementation challenges even as others highlight opportunities for industrial growth.
The new policy regime, approved by the Federal Government and announced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, took effect on April 1, 2026.
Central to the reforms is a reduction in tariffs on fully built vehicle imports from 70 per cent to 40 per cent. The measures also include the introduction of excise duties on beverages and tobacco products, an Import Adjustment Tax on 192 tariff lines, and a revised tariff structure aligned with the ECOWAS Common External Tariff framework.
In addition, the policy provides for an import prohibition list covering 17 items from non-ECOWAS countries, as well as reduced duties of between zero and 10 per cent on 127 items considered critical industrial inputs.
Reacting to the development, the Centre for the Promotion of Private Enterprise (CPPE), described the reforms as a strategic shift toward domestic production and industrialisation.
Chief Executive Officer of CPPE, Dr Muda Yusuf, said the policy would strengthen the competitiveness of local manufacturers by raising tariffs on imported finished goods while lowering input costs for producers.
According to him, the framework is expected to stimulate investment in import-substitution industries, improve capacity utilisation, and drive growth across sectors such as agro-processing, manufacturing, and basic metals.
He, however, cautioned that import-dependent businesses, particularly in trading and distribution, may face increased costs, tighter margins, and the need to restructure operations.
From the maritime sector, a former acting President of the Association of Nigerian Licensed Customs Agents, Kayode Farinto, raised concerns over the implementation of the new tariff structure.
Farinto noted that while the reduction in vehicle tariffs could ease the burden on importers, the introduction of additional layers such as the Import Adjustment Tax and expanded tariff classifications could complicate cargo clearance processes at the ports.
He warned that without adequate system readiness and proper stakeholder engagement, the policy could lead to delays, compliance challenges, and disputes in cargo processing.
According to him, customs agents and importers may initially struggle to adapt to the changes, stressing the need for clear operational guidelines and seamless integration with Nigeria Customs Service platforms.
Also reacting, Professor Uche Uwaleke described the reforms as a “deliberate balancing act” aimed at addressing short-term economic pressures, while positioning the economy for sustainable growth.
He explained that lower tariffs on certain goods could help moderate inflation, particularly in food prices, while the zero-duty policy on machinery and industrial inputs would reduce the cost of investment and boost productivity.
Uwaleke, however, warned that cheaper imports could expose local producers to stiff competition, noting that sectors such as rice farming may struggle to compete under the new regime.
Others also expressed concerns over the impact of increased excise duties on alcoholic beverages and tobacco, warning that the move could weaken consumer demand amid prevailing economic challenges.
While stakeholders agree that the reforms signal a clear shift toward domestic production and reduced import dependence, they maintain that the success of the policy will depend on effective implementation, policy consistency, and the government’s ability to address structural constraints within the economy.
