FG cancels 25% penalty on improperly imported vehicles

• Customs, NEPC Partner To Boost Export

The Federal Government has suspended the 25 per cent import duty penalty usually imposed on improperly imported vehicles. The Nigeria Customs Service (NCS), under the directives of the Minister of Finance and Coordinating Minister of the Economy, has also initiated a 90-day window effective from March 4, 2024 to July 5, 2024, for the regularisation of import duties on specific categories of vehicles.

The Chief Superintendent of Customs and National Public Relations Officer, Abdullah Maiwada, said the move was to further ease economic hardship and encourage compliance by importers.
“Stakeholders, including vehicle owners, importers, and agents, are encouraged to seize this opportunity to regularise import duty payments within the designated 90-day timeframe,” he said.

In another development, the NCS has affirmed its readiness to collaborate with the Nigeria Export Promotion Commission (NEPC) on initiatives to enhance trade and boost export activities.
The Comptroller-General of Customs, Bashir Adewale Adeniyi, made this announcement during a courtesy visit by the management team of the NEPC to the Customs Headquarters in Abuja.
Adeniyi said: “Collaborating with the NEPC will significantly aim at leveraging the Commission’s expertise and resources to streamline export processes further, reduce bottlenecks, and create a conducive environment for exporters.”
The Comptroller-General reiterated the importance of redefining exports as a means to increase the volume of outbound trade.He commended Nigeria’s efforts in managing trade but emphasised the need for enhanced support for exports, particularly in the realm of logistics.

The Executive Director CEO of the NEPC, Nonye Ayeni, praised the Comptroller-General of Customs for his remarkable achievements since assuming office in 2023.
She highlighted the abundance of resources in Nigeria, especially agricultural products and solid minerals, stressing the importance of advocacy with relevant agencies to alleviate the challenges faced by exporters.
Ayeni emphasised the significance of non-oil exports for economic growth and development, calling for collaborative efforts to actualise the “Export 35 redefined” initiative.
She urged sister agencies to actively contribute to minimising logistical challenges exporters face and advocated for establishing aggregation centres to facilitate easier exportation.

According to her, the meeting with NCS is part of NEPC’s commitment to fostering partnerships with key stakeholders in the trade sector to facilitate smoother trade operations and promote economic growth.

Back to top button