Foreign
exchange can be sourced at AFEM through the Authorized Dealers for the
purpose of importation of goods and services.
In Nigeria
a Comprehensive Import Supervision Scheme (CISS) is being operated
whereby all Importers are required to process FORM “M” through the
Authorized Dealers.
The
information on the Form “M” is used both for statistical purposes and
Pre-Shipment Inspection requirement for the assessment of import duty
and quality standard of goods being imported. Port Reforms
With the
introduction of an Automated System of Customs Data (ASYCUDA) and X-ray
examining machines at the ports, Pre-Shipment Inspection Scheme is being
phased out and replaced with Destination Inspection.
All
imports into the country are normally cleared at the ports within 48
hours of arrival.
EXPORT
PROMOTION AND INCENTIVES
A variety
of measures and incentives are in place to encourage export-oriented
industries.
Import
Duty Drawback/Suspension/Manufacture-In-Bond Scheme importers can claim
repayment of import Duty paid for materials used in producing export
goods.
Export
License is not required for the export of manufactured and processed
products. Also exports have been exempted from excise tax.
The Export
Development Fund shall be used to provide financial assistance to
private exporting companies to cover part of their initial expenses in
respect of export promotion activities.
Export
Expansion Grant Fund Scheme
The Export Expansion Fund shall be used to provide cash
inducement for exporters who have exported a minimum of N50,
000.00 worth of semi-manufactured or manufactured products.
Export Credit Guarantee and
Insurance Scheme
Export Credit Guarantee and Insurance Scheme is extended to
insure genuine exporters against political and other risks
including default in payment.
Export Adjustment Fund Scheme
Export Adjustment Fund Scheme is to serve as a supplementary
Export Subsidy to compensate exporters for:
-
High Cost of production arising
from infrastructural deficiencies.
Purchasing commodities at prices higher than prevailing
world market price but fixed by government; and Other costs
beyond the control of the exporter.
-
Rediscounting of Short Term
Bills for Export
This facility will enable all exporters to re-discount their
short-term bills under a scheme provided by Nigerian Export
and Import Bank (NEXIM).
-
Export Processing Free Zone
Scheme
The Nigerian Export Processing Zones Authority has been
established under DECREE 1992, to manage, control and
co-ordinate all activities within the zones.
The Law allows interested persons to set up industries and
business within demarcated zones in the country, principally
with a view to exporting goods and services manufactured or
produced.
Appropriate incentives are
available to investors in the designated free zones. These
are:
-
Tax Holiday Reliefs
-
Legislative provisions
pertaining to taxes, levies, duties and foreign exchange
would not apply within EPZs
-
Repatriation of foreign
capital investment in EPZs at any time with capital
appreciation of the investment.
-
Unrestricted remittance of
profits, and dividends earned by foreign investors in
EPZs Rent-free land during construction of factory
premises Up to 100% foreign ownership of enterprises in
Ezps
-
Sale of up to 25% of
production permitted in domestic markets.
-
No quotas on products from
Nigeria exported to the European Economic Community
(EEC) and United States of America.
-
Made in Nigeria goods are
entitled to preferential tariffs in the EEC because
Nigeria is a member/party of the Lome Convention.
