Nigeria is a developing country in need of many goods and products. The country relies greatly on importation from different countries for its development. Importation also serves as a means of generating revenue for the government. There are wide ranges of products that can be imported into the country ranging from agricultural consumer goods, vehicles, building materials, phones & computer gadgets, electronics, clothes & textiles, accessories e.t.c. According to the statistics, most of the products import into Nigerian are from China, United States of America, India, the United Arab Emirate and EU countries. This write-ups summarizes the import procedure in Nigeria and a step-by-step guide on how to import products into Nigeria.
What is Importation?
Importation in a layman’s term means bringing of goods or services into a country from abroad. Importation means bringing goods into a resident of a jurisdiction from an external source. The clear purpose of importation is to buy or acquire products or services from another country or market other than Nigeria. Importation is very important because it allows a country to supply nonexistent or certain products into Nigeria from other countries.
Procedure for importation of products into Nigeria
Any foreigner or foreign entity aiming to goods into Nigeria must firstly register a company with the Corporate Affairs Commission. A Nigerian national also wishing to import goods into the country for other purposes than personal usage may also incorporate a company to do so.
The registered company must also be registered with the Federal Inland Revenue Service (FIRS) for Tax Identification number is allotted (TIN Number) with a valid email address attached to it.
The company is also expected to have a valid bank of choice in Nigeria, to act as Authorized Dealer Bank (ADB), which will process the E-Form M/PAAR (the mandatory form put in place by the Federal Government of Nigeria through the Federal Ministry of Finance and the Central Bank of Nigeria to monitor goods that are imported into the country, as well as to ensure that import duties are collected where applicable). Also, the ADB mediates among the Nigeria Custom Service (NCS), the importer and other bodies.
Steps for Importation
In conclusion, it is important that products to be imported into the country meets the set standards of SONCAP, which has been introduced by the Federal Government of Nigeria in order to address the number of unsafe products entering the country and the subsequent risk to public health and safety.
Finally, the government, through her agencies manning different sectors of the economy authorizes the importation of certain goods into the country by issuing import permits before certain goods can be imported into the country.
Written by the Corporate & Commercial Law Department at Resolution Law Firm