Customs Launches Advance Ruling Project To Facilitate Trade

The Nigeria Customs Service (NCS), in collaboration with the Nigerian Energy Support Programme (NESP), has initiated a groundbreaking project named Advance Ruling, aimed at bolstering trade facilitation and fostering a more transparent business environment for stakeholders in the trade sector.

During the launch event held on Thursday, May 2nd, 2024, at Envoy Avenue in Abuja, Comptroller-General of Customs Bashir Adewale Adeniyi underscored the significance of advance ruling. He described it as a pivotal mechanism enabling traders to secure binding decisions from Customs administrations regarding the classification, origin, and valuation of goods before importation.

CGC Adeniyi expressed gratitude to stakeholders and partners for their presence, highlighting that the project launch will reduce compliance costs and promote a favourable business climate for traders.
He remarked, “Today, we shall be taking the first step towards launching the Nigeria Customs Service Advance Ruling, starting with stakeholder engagement.”

Recognising the project’s alignment with the World Customs Organization (WCO) and the World Trade Organization (WTO), CGC Adeniyi emphasised its role in facilitating both domestic and international trade while enhancing Customs compliance.

He added, “According to the WCO and the WTO, Advance Ruling enhances predictability and transparency in customs procedures, streamlining trade processes and minimising delays, uncertainties, and costs associated with Customs clearance.”

RELATED

New Tax Law: Industrialists Project N3.2trn Increase In Non-oil Revenue

2 hours ago

Tinubu Confers GCON Honour On Oramah

2 hours ago

Adeniyi lauded President Bola Ahmed Tinubu for his commitment to enhancing Nigeria’s economy and supporting the Service. He noted that the launch of Advance Ruling coincides with President Tinubu’s administration’s policy directive to facilitate legitimate trade. “This is reflected in the Policy Advisory Document of the government, which signifies recent achievements, such as the approval to decongest the ports and make them free and accessible for importers and operators,” he highlighted.

As the Customs chief spearheaded the implementation of Advance Ruling to bolster trade in Nigeria, he disclosed plans to conduct workshops and sensitisation sessions at Customs Area Commands. These initiatives aim to ensure that all stakeholders are well-informed and prepared to effectively utilise the new mechanism.

CGC Adeniyi extended appreciation to the German International Cooperation Agency (GIZ) and other partners for their unwavering support in achieving significant milestones in trade facilitation activities under the Nigeria Energy Support Programme. He stressed the importance of investing in capacity building for both officers and stakeholders, reaffirming the Service’s commitment to leveraging internal capabilities and exploring collaboration opportunities with external partners like GIZ.