In a recent press release, the Nigeria Customs Service (NCS) has announced a significant measure to alleviate economic hardship and encourage compliance among vehicle importers. Under the directives of the Honourable Minister of Finance and Coordinating Minister of the Economy, the NCS has initiated a 90-day window for the regularisation of import duties on specific categories of vehicles, effective from 4th March 2024 to 5th July 2024.

The press release, issued by Abdullahi Maiwada, Chief Superintendent of Customs and National Public Relations Officer for the Comptroller General of Customs, highlights the suspension of the 25% penalty previously imposed in addition to import duty on improperly imported vehicles. This decision aims to ease the financial burden on stakeholders, including vehicle owners, importers, and agents.

Stakeholders are encouraged to seize this opportunity to regularise import duty payments within the designated 90-day timeframe. This initiative not only promotes compliance with import regulations but also fosters economic stability by providing a pathway for vehicle importers to rectify any discrepancies in their import duties.

The announcement underscores the commitment of the Nigeria Customs Service to facilitate trade and enhance economic efficiency while ensuring compliance with import regulations. This measure is expected to have a positive impact on the automotive industry and contribute to overall economic growth in Nigeria.

For further inquiries or assistance regarding import duty regularisation, stakeholders are advised to contact the Nigeria Customs Service.