FG INTRODUCES NEW IMPORT GUIDELINES

Determined to ensure seamless transfer of destination inspection (DI) scheme from scanning service providers (SSPs) to the Nigeria Customs Service (NCS), the Federal Government has introduced new importation guidelines, procedures and documentation to be followed by banks, Customs, operators and other agencies involved cargo clearance.

According to the new import guideline issued by the Federal Ministry of Finance and sent to Abdullahi Dikko Inde, the comptroller-general of Customs, the new import guideline is expected to apply to all import transactions with effect from December 1, 2013.

The guideline specified that an importer must obtain and process e-Form ‘M’ with initial validity period of 180 days for general merchandise and 365 days for capital goods through an authorised dealer bank irrespective of the value and payment form of the cargo.                                             Though, the validity days could be extended for another 180 days and 365 days, respectively.

“Payments for goods exempted from DI would not be carried out in the foreign exchange market without a prior approval from the Central Bank of Nigeria (CBN). The list of goods exempted from DI shall only be approved by the minister of finance as a pre-condition for the completion of e-Form M", said the new guideline.

The guideline further explained that the import transaction document shall carry the name of the product, country of origin, specifications, date of manufacture, batch or lot number, standards to which the goods have been produced (e.g. NIS, British Standards PD. ISO, IES, Din, etc).

“All goods to be imported into the country shall be labeled in English in addition to any other language of transaction otherwise the goods shall be confiscated”.

Continuing, the guideline stipulates that “for health or environmental reasons, items such as food, drinks, cosmetics, drugs, medical devices, chemicals, etc are required to carry expiry dates or the shelf life (minimum of half shelf life at the time of importation) and specify the active ingredients, where applicable. Electrical appliances like fluorescent lamps, electric bulbs, electric irons and ties, etc shall carry information on life performance while cables shall carry information on the ratings”.

For payment with letters of credit transactions, all the negotiating or shipping documents must be routed through the beneficiary or supplier bank to the issuing bank. Therefore, banks must not endorse or pay on documents that do not comply with the routing outlined above, states the new guideline.

“On bills for collection transactions and unconfirmed letters of credit, documents must come to the issuing bank either directly from the supplier’s bank or through the offshore correspondence of the issuing bank.”