The Free Trade Zones (FTZs) Committee on Nigerian Customs Service (NCS) Operational Remodeling has recommended that the service allows the quick export of finished and processed commodities containing 100% local raw materials.
This means that products made in Nigeria using only materials from Nigeria can be exported easily. The NCS has promised to adopt this recommendation.
The FTZs committee has recommended that the Nigerian Customs Service allows the easy export of products made in Nigeria using only materials from Nigeria.
This is expected to promote export trade and benefit the country. The NCS has promised to adopt these recommendations, and other agencies involved in free trade zones have praised the committee’s work.
The committee also suggested that these goods should have a minimum stipulated value-added tax (VAT). Value-added tax is a tax added to the price of goods and services.
The report was presented by the Chairman of the Committee, Toyin Elegbede, at a meeting of heads of the NCS, the Nigerian Export Processing Zone Authority (NEPZA), the Oil and Gas Free Trade Zone Area (OGZA), and the Nigeria Economic Zones Association (NEZA).
The committee was formed in July and was tasked with finding ways to reduce friction and non-cooperation among agencies operating at the nation’s free trade zones. They were also asked to recommend ways to promote export trade businesses.
The report also recommended integrating all free trade enterprises into the NCS portal and harmonizing conflicting areas in the legal frameworks of NCS, NEPZA, and OGZA.
The Acting Comptroller General of Customs, Bashir Adewale Adeniyi, promised to adopt the recommendations that align with the operational policy of the service. The Managing Directors of NEPZA and OGZA praised the committee for their work.