Good News as Importers Eliminate Cost of Collection, Other Fees After CBN Announced New Rate
- The Nigeria Customs Service plans to eliminate the 7% Cost of Collection and 1% Comprehensive Import Supervision Scheme (CISS) fees by reintroducing a 4% Free on Board (FOB) fee
- At a recent town hall meeting, stakeholders commended the adoption of the B'Odogwu platform, an indigenous Unified Customs Management System, for enhancing trade compliance
- Despite some operational challenges, the platform has improved stakeholder interaction and simplified customs processes, according to industry representatives
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Nigeria Customs Service intends to eliminate the 7% Cost of Collection and 1% Comprehensive Import Supervision Scheme (CISS) after reintroducing a 4% Free on Board (FOB) fee, which could result in lower duty payments for Nigerian importers.
Source: Getty Images
At a town hall meeting with stakeholders on the B'Odogwu clearing platform on Monday in Lagos, the topic was "Enhancing trade compliance and system optimisation through stakeholders' engagement," which was sponsored by the NCS. The Comptroller-General of Customs, Adewale Adeniyi, made this statement.
According to a February 2025 article in The PUNCH, the NCS declared that a four percent fee would be applied to the imports' free-on-board value.
In a statement announcing this, the service's spokesperson, Abdullahi Maiwada, clarified that the directive complied with the Nigeria Customs Service Act (NCSA) 2023.
“In line with the provisions of Section 18 (1) of NCSA 2023, the NCS is implementing a four percent charge on the Free On-Board (FOB) value of imports. The FOB charge, which is calculated based on the value of imported goods, including the cost of goods and transportation expenses incurred up to the port of loading, is essential for driving the effective operation of the service.
“Furthermore, the NCS acknowledges concerns raised by stakeholders over the sustained collection of the one percent Comprehensive Import Supervision Scheme fee,” he said.
Furthermore, this comes weeks after the NCS halted the charge's introduction due to strong stakeholder protest. Nevertheless, Adeniyi provided an update on the fee, stating that the return of the 4% FOB would wipe out the one percent CISS and the seven percent Cost of Collection, which are also being charged.
Stakeholders commend customs
In a similar development, stakeholders operating in the nation’s maritime industry, including banks, freight forwarders, and other agencies, have complemented the management of the Nigeria Customs Service for adopting B’Odogwu, an indigenous Unified Customs Management System.
These stakeholders made this statement on Monday in Lagos at a town hall meeting with stakeholders on the B'Odogwu clearing platform, which was organized by the NCS and had as its theme "Enhancing trade compliance and system optimisation through stakeholders' engagement."
The migration from the old platform to B'Odogwu, the banks' inability to make changes on the platform, and the Harmonised System Code classification between the Standards Organisation of Nigeria and the National Agency for Food and Drug Administration and Control are just a few of the issues mentioned by these stakeholders while praising the platform's service.
Speaking at the event, Olusina Ogunlesi, the Factory Logistics Manager at British American Tobacco, clarified that the amount of stakeholder interaction has increased under the B'Odogwu platform, in contrast to what was achieved under the previous one.
Source: UGC
“Customs engagements with stakeholders have been top-notch under this new platform. The major challenge with the former platform was that it wasn’t user-friendly. During the former platform, there was always one challenge or the other coupled with frequent network challenges. But this new platform has addressed some of these challenges,” he said.
Onyeji Frances, the head of the Standard Organisation of Nigeria's Conformity Assessment Program in Lagos, stated that the new platform has improved SONCAP transmission, while encouraging the service to address some of its shortcomings.
CBN crashes import dollar rate
Legit.ng reported that a new Customs import duty rate, released by the Central Bank of Nigeria (CBN), shows that importers will pay the same rate as the latest official foreign exchange rate.
This is as the Nigerian currency rebounded in the FX market after a one-day loss.
According to data from the official government trade portal, the apex bank fixed the import duty rate at N1,520.249, the same rate as the official exchange rate, from N1,528 per dollar.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
