Peter Obi, the Labour Party's presidential candidate in the 2023 elections, has urged the federal government to promptly address the adverse effects of fluctuating customs duties on businesses in Nigeria.

In a post on a microblogging platform, Mr. Obi underscored how arbitrary and escalating charges foster an unfriendly business climate for entrepreneurs.

He pointed out a critical challenge that importers face, who initially calculate costs based on a specific exchange rate, only to encounter different rates upon arriving in Nigeria. He emphasised that this inconsistency poses significant hurdles for businesses and exacerbates inflation, resulting in elevated goods and living expenses for citizens.

Mr. Obi cautioned that the current situation could lead to further business closures and job losses. He warned of the potential consequences of importers seeking alternative ports in neighbouring countries if the inconsistencies persist, thereby rendering Nigerian ports unproductive and worsening economic woes.

He stressed the urgent need for the government to maintain policy consistency, highlighting its importance for economic forecasting and business planning. Additionally, he called for immediate action to support businesses, especially those in the manufacturing sector, to prevent closures and sustain economic growth.