What are the tariff rates in Nigeria?
The tariff has five bands: 0% duty on capital goods and essential drugs, 5% duty on raw materials, 10% on intermediate goods, 20% on finished goods and 35% on imports into strategic sectors. Nevertheless, effective rates tend to be higher since the Nigerian government may apply additional charges (e.g., levies, excise, and VAT) on the imports.
How many tariff lines does Nigeria have?
Nigeria adopted all tariff lines with few adjustments from the CET. Nigeria maintains several supplemental levies and duties on selected imports that significantly raise effective tariff rates. For example, Nigeria has an effective duty (tariff, levy, excise, and value added tax (VAT) where applicable) of 50% or more on over 80 tariff lines.
What is the new ECOWAS CET tariff?
In line with the World Customs Organization five years review of the nomenclature, the Nigerian Customs Services (NCS) in April migrated to the new ECOWAS CET tariff. The ECOWAS parties are expected to adopt the reviewed tariffs based on regional considerations and national economic policy.
When does the NERC Tariff Order expire?
The tariff order is effective from the 1st of January and shall cease to be effective on the issuance of a new tariff review order by the NERC. However, the allowed tariffs are frozen for all customers at the rates payable since December , subject to further policy direction of the Federal Government of Nigeria (FGN).
What is the effective rate of imports in Nigeria?
Nevertheless, effective rates tend to be higher since the Nigerian government may apply additional charges (e.g., levies, excise, and VAT) on the imports. However, the total effective rate of each line item is not to exceed 70%.
Why is import clearance delayed in Nigeria?
Most goods destined for Nigeria, especially in the food, drug, and cosmetics, require inspection or certification from authorities or appointed third-party contractors. Because the government lacks the capacity to undertake inspections, testing, and reviews, clearance of imports is typically delayed to the detriment of the importer.
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