Nigeria Customs Exempts Imports Under $300 from Duty Payment - Boost for Trade Efficiency
Nigeria Customs Service Board has approved a De Minimis threshold of $300 for imports, exempting goods below this value from custom duty payment. The threshold aligns with relevant national legislation and international agreements.
The decision, made during the 63rd regular meeting chaired by Minister of Finance Wale Edun, allows for four importations per annum per individual. This move aims to streamline customs processes and facilitate trade while ensuring compliance with legal frameworks.
Assistant Comptroller Customs and National Public Relations Officer Abdullahi Maiwada highlighted the importance of the new regulation in exempting low-value imports from duty payments, in line with global trade standards.
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