Thanks for the replies, i'm now able to cycle through my items by pressing "3" repeatedly.
However, i'm now having control issues with the item slot, i can't select my phantom cigar as the picture below:

I PMed one of the forumers here, he asked if I'm stressed or playing FOB missions. The mission above was one of the Side Ops and I'm been sitting there for a good 10 minutes observing the base while waiting for night time to strike, so I'm 100% not stress ... but i can't seem to select my cigar to pass the time.
Even after pressing "4" repeatedly, the cargo box keeps being selected.
So swap that slot to the cigar on the next mission, as the picture below:

Manage to pass time by smoking the cigar , so its confirm I can actually equip it, its just that i can't select other items under the selection menu.
It always "selects" the item slot at the 9 o'clock slot, because it seems to be "stuck" there.
Playing on the PC with keyboard and mouse.
Did anyone faced the same issue? Looking forward for your reply if you did encountered similar issues.