LIST OF DOCUMENTS NEEDED FOR THE IMPORTATION OF GOODS IN NIGERIA
The importation of goods in Nigeria is one of the paths of increasing the profit margins. Importing is the purchasing side of the trade and takes place when goods and services are required from one region to the other. Any business involved in supplying goods or materials need to look at ways to increase the efficiency of the supply chain, while managing costs. The benefits related to importing from other countries include:
- Sales Increase
- Image enhancement in the world marketplace
- Large scale production
- Availability of all types of goods
- Job creations
- Outmaneuvering competitors
- Return on investment
- Enriching the country
- New industries establishment
- Broadens self intellectual horizons
The import process in Nigeria involves steps and procedures and every importer should ensure to obtain the following documents: which is essential to clear consignments at the ports upon shipment arrival:
- Form M: Acquiring the form M is a mandatory step in the importation process. The document is issued by the Central Bank of Nigeria (CBN) through commercial banks for import permit procedures. It states the product harmonized codes for customs, import duty, the amount and other basic information. The form M is valid for six (6) months and can be extended once for another period of six (6) months.
- Insurance Certificate: Insurance is mandatory for importation and exportation of items. A reputable insurance company issues this certificate to assure the consignee that insurance will cover the loss or damage to the cargo during transit or shipment
- Commercial or Pro forma Invoice: The invoice is a preliminary bill of sale sent to buyers in advance of a shipment or delivery of goods. It describes the purchased items and other important information such as shipping weight and charges. It makes it easier for knowing the payable customs duty.
- Combine Certificate of Origin and Value – This document indicates the country of origin of the goods and the commercial value of the cargo. The document will be given to bank for Customs Pre-Arrival Assessment Report issuance for duty payment.
- Agency Certificate: imports are required to undergo verification and testing at the country of supply (exporting) and agencies like SONCAP and NAFDAC issues the type of certificate depending on goods to be imported.
- Bill of Lading: It serves as an evidence of the carriage, a receipt of goods delivered to the carrier. It is also evidence that the exporter has shipped goods and the carrier at the destination port will make delivery to the importer.
Please Contact Us if you need any further clarification on procedures and documentations required for your importation and exportation of goods in Nigeria.
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