Nigeria Customs Service Grants Exemption to Manufacturers and Importers, Boosting Industrial Growth
Nigeria Customs Service (NCS) exempts selected manufacturers and spare part importers from the 4% FOB charge. Customs CG Bashir Adewale Adeniyi announced the exemption during a consultation with the Manufacturers Association of Nigeria (MAN) in Lagos.
The exemption applies to importers of raw materials, spare parts, and machinery under chapters 98 and 99 of the Customs Tariff. This move aims to support industrial growth and economic development in Nigeria by reducing financial burdens on manufacturers.
The Federal Ministry of Finance, NCS, and MAN are working together to expedite the onboarding process for eligible manufacturers and importers to enjoy the exemption and avoid demurrage charges.
Plus234Feed summary based on reporting from Nigerian Tribune. Read the original report below.
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