The Nigeria Customs Service (NCS) has announced the implementation of a 4% charge on the free-on-board (FOB) value of imports. The FOB system transfers responsibility for goods to the buyer once they are loaded onto the vessel at the port of departure, with all subsequent costs falling to the buyer.
Abdullahi Maiwada, the NCS national public relations officer, confirmed that the new directive aligns with the provisions of the Nigeria Customs Service Act (NCSA) 2023. He urged all stakeholders to comply, emphasising that the move followed extensive consultations with industry players, importers, and regulatory bodies.
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Maiwada also highlighted the importance of stakeholder input in shaping the NCSA 2023, calling their contributions invaluable in ensuring a more efficient, transparent, and innovative customs system. He noted that the changes reflect a balanced approach to customs operations.
Under the leadership of Comptroller-General Adewale Adeniyi, the NCS reiterated its commitment to promoting fair trade practices and efficient revenue management while ensuring the transparency of customs processes.
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