An initiative to boost trade has been unveiled by the Nigeria Customs Service (NCS) in partnership with the Nigerian Energy Support Programme (NESP) through the introduction of an Advance Ruling System.
During the unveiling event in Abuja, Comptroller-General of Customs, Bashir Adewale Adeniyi, highlighted the importance of the ‘Advance Ruling’ as a crucial tool that enables traders to secure definitive decisions from Customs administrations regarding the classification, origin, and valuation of goods before their importation.
This newly launched project is aimed at reducing compliance costs and creating a favorable business environment for traders.
In his address, he mentioned, “Today marks the initial phase of the Nigeria Customs Service Advance Ruling implementation, commencing with engaging stakeholders.”
The CGC acknowledged the project’s significance in alignment with the World Customs Organization (WCO) and the World Trade Organization (WTO), emphasizing its role in facilitating domestic and international trade, as well as promoting Customs compliance.
Quoting the WCO and WTO, he expressed that Advance Ruling contributes to enhanced predictability and transparency in customs procedures, streamlining trade processes, and minimizing delays, uncertainties, and costs linked to Customs clearance.
Referring to the government’s Policy Advisory Document, which signifies recent achievements such as the approval to decongest and make ports free and accessible for importers and operators, he underscored the importance of initiatives like Advance Ruling and the need for investing in capacity building for both officers and stakeholders.
He affirmed their commitment to enhancing internal capacity and exploring collaboration opportunities with external partners like GIZ.