The Nigerian Customs Service (NCS) has announced a 90-day grace period for the regularization of import duties on certain vehicle categories that were improperly imported into the country.
This initiative follows directives from the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, aimed at enhancing compliance and streamlining import processes.
Abdullahi Maiwada, the spokesperson for Customs, disclosed in a press release on Sunday that the measure targets vehicles imported into Nigeria without proper customs duties paid or those impounded for undervaluation.
The statement highlighted the eligibility criteria, specifying that the initiative applies solely to vehicles lacking fulfilled customs duties or detained due to undervaluation. However, vehicles seized and condemned will not be eligible for release under this arrangement and will be forfeited to the Federal Government as per existing regulations.
Owners of affected vehicles, along with Importers/Agents seeking to rectify their vehicles’ import duties status, are directed to liaise with the Zonal Coordinators (Zones A, B, C, D) and the CAC FCT Command. Compliance entails presenting all relevant documents and completing the Vehicle Registration (Vreg) process according to the regulations of the Federal Ministry of Finance.
The VIN (Vehicle Identification Number) valuation method will be employed for assessing the vehicles, with import duty and a 25 per cent penalty to be paid in accordance with import guidelines. Additionally, duty payments must be made using a designated Procedure Code specifically created for this exercise, aligning with the Destination Inspection Scheme in Nigeria (2013) and the Nigeria Customs Service Act 2023.
