Nigerian Customs Service To Allow Quick Export of 100% Local Materials

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. 

Keep Reading

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.

Dexter

Recent Posts

Africa and GCC Trade Doubles to $121 Billion

Trade between African and GCC countries stands at $ 121 billion in 2023, double of what it was in 2016.…

December 21, 2024

Families in Mayotte rebuilding their homes complain of lack of help

Family members struggling after one week after  of Cyclone Chido ripped through the French island territory of Mayotte expressed helplessness…

December 21, 2024

Ethiopian PM Inaugurates UAE-Funded Orphanage in Oromia

The United Arab Emirates has launched its orphanage project in Ethiopia's Oromia region on the orders of President Sheikh Mohamed…

December 21, 2024

A Rising Femicide Threat, Kenya’s Call to End Gender Based Violence

In just four months, 100 women have been killed, the majority by males they knew including spouses. Prime Cabinet Secretary…

December 20, 2024

Actor C Confion has passed away

The Ghanaian entertainment industry is in deep mourning following the sudden death of Bright Owusu, better known as C Confion.…

December 20, 2024

South Africa: 512 Accident Deaths and 941 Arrested for Drunk Driving Just on December Month

Since the beginning of December more than five hundred people have lost their lives on the nation's highways. Barbara Creecy,…

December 19, 2024

This website uses cookies.