President Bola Ahmed Tinubu
By Olarinde Idowu
The Federal Government of Nigeria has approved a new customs policy exempting imported goods valued at $300 or less from payment of duties and related taxes. This policy aims to simplify clearance procedures, facilitate trade, and support e-commerce stakeholders and travelers. Goods worth $300 or less will be exempt from customs duties and taxes, provided they are not prohibited or restricted items.
The exemption applies to low-value imports, e-commerce consignments, and passenger baggage, limited to four importations per person per year. Eligible consignments will be cleared immediately without additional documentation. The Nigeria Customs Service will ensure that the clearance process for these low-value goods is efficient and streamlined.
The policy is expected to stimulate cross-border e-commerce and reduce clearance delays. By simplifying clearance processes for low-value consignments, the policy will enhance trade facilitation and boost economic activity. The exemption is poised to enhance the competitiveness of Nigerian businesses and promote the country’s economic growth.
The Nigeria Customs Service will set up multi-channel helpdesk platforms to provide guidance on compliance requirements, address inquiries, and resolve complaints. These platforms will include email addresses, phone numbers, and online chat features to ensure prompt and efficient support for stakeholders.
Attempts to manipulate invoices or evade duty obligations will attract penalties, including forfeiture, arrest, and other sanctions. The Nigeria Customs Service will strictly enforce measures against stakeholders attempting to manipulate invoices or evade duty obligations, ensuring compliance with the new customs regime.
Overall, the new customs policy is designed to promote trade facilitation, economic growth, and competitiveness. By exempting low-value goods from duties and taxes, the policy will support e-commerce stakeholders, travelers, and businesses, while also enhancing the overall efficiency of the customs clearance process.
