• Fri. May 24th, 2024

Nigeria Customs Launches Advanced Ruling System To Boost Trade Facilitation

ByHybrid News

May 3, 2024

In a collaborative effort aimed at bolstering trade facilitation and fostering a transparent business environment, the Nigeria Customs Service (NCS), in partnership with the Nigerian Energy Support Programme (NESP), has inaugurated an innovative scheme known as the Advance Ruling system.

The ceremonial launch took place on Thursday, 2nd May 2024, at Envoy Avenue in Abuja, with the Comptroller-General of Customs, Bashir Adewale Adeniyi, presiding over the event. Describing the Advance Ruling system as a pivotal mechanism, CGC Adeniyi emphasized its role in enabling traders to obtain binding decisions from Customs administrations regarding the classification, origin, and valuation of goods before importation.

Addressing stakeholders and partners in attendance, CGC Adeniyi expressed gratitude for their support and underscored the project’s significance in reducing compliance costs and fostering a conducive business environment. He remarked, “Today marks the initiation of the Nigeria Customs Service Advance Ruling, commencing with stakeholder engagement.”

Highlighting the alignment of the initiative with international standards set by the World Customs Organization (WCO) and the World Trade Organization (WTO), CGC Adeniyi emphasized its role in enhancing both domestic and international trade while promoting Customs compliance. “Advanced Ruling enhances predictability and transparency in customs procedures, streamlining trade processes and minimizing delays, uncertainties, and costs associated with Customs clearance,” he affirmed.

CGC Adeniyi lauded President Bola Ahmed Tinubu for his commitment to enhancing Nigeria’s economy and supporting the Customs Service. He noted that the launch of the Advance Ruling system aligns with the administration’s policy directive to facilitate legitimate trade, citing recent achievements such as port decongestion to facilitate free and accessible trade for importers and operators.

As the groundwork for the Advance Ruling system was laid, CGC Adeniyi revealed plans for workshops and sensitization sessions at Customs Area Commands to ensure stakeholders are well-prepared to utilize the new mechanism effectively. He acknowledged the invaluable support of partners such as the German International Cooperation Agency (GIZ) in achieving this significant milestone in trade facilitation under the Nigeria Energy Support Programme.

Recognizing the need for capacity building, CGC Adeniyi affirmed the Customs Service’s commitment to leveraging internal resources and exploring collaboration opportunities with external partners like GIZ to ensure the successful implementation of initiatives like the Advance Ruling system.

The launch of the Advance Ruling system marks a significant leap forward in enhancing trade facilitation and promoting transparency within the Nigeria Customs Service, underscoring the agency’s dedication to fostering a conducive environment for legitimate trade activities in the country.

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