Economy
Nigeria Customs Service Commences $300 Duty-Free Import Limit
By Adedapo Adesanya
The Nigeria Customs Service Board (NCSB) has confirmed the commencement of the $300 duty-free limit for imports.
The spokesperson of the Nigeria Customs Service (NCS), Mr Abdullahi Maiwada, in a statement said the decision was reached at the board’s recent 63rd regular meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun.
Mr Maiwada said that the initiative, also known as De Minimis threshold, aims to stimulate cross-border e-commerce, minimise clearance delays and further consolidate Nigeria’s position as a regional leader in trade facilitation.
He said that the move aligns with the best global practices, aimed at simplifying clearance processes for low-value consignments, enhance trade facilitation and provide clarity for e-commerce stakeholders and travelers.
The spokesperson explained that the De Minimis threshold is the value below which imported goods are exempted from payment of customs duties and related taxes established by the national legislation, stressing that non-compliance to the directive would include forfeiture, arrest and other sanctions stipulated in the NCS Act, 2023.
“After a comprehensive review of similar practices across continents, the board approved $300 as Nigeria’s official De Minimis threshold.
“This exemption will apply to low-value imports, e-commerce consignments, and passenger baggage.
“The threshold, which is restricted to four importations per annum, aligns with Section 5(c and d), Section 158 subsections (5 and 6), other relevant provisions of the NCS Act, 2023 as well as international instruments.
“This include the World Trade Organisation (WTO) Trade Facilitation Agreement and the World Customs Organisation (WCO) Revised Kyoto Convention,“ he said.
He noted that under the new regulation, goods valued at $300 or less would be exempted from import duties and taxes, provided they are not prohibited or restricted items, adding that passenger merchandise in baggage not exceeding the same value would also be exempted.
According to him, the framework further ensures immediate release and clearance of eligible consignments without post-release documentation.
Mr Maiwada said that it also mandates strict enforcement measures against stakeholders who attempt to manipulate invoices or evade duty obligations, explaining that the NCS had established multi-channel help desk platforms to facilitate the smooth implementation of the De Minimis regulation.
“These dedicated channels are designed to serve as direct points of engagement for stakeholders, providing timely guidance on compliance requirements, addressing inquiries, and resolving complaints that may arise during implementation, “ he said.
He assured that the service remained committed to accountability, discipline and integrity in discharging its statutory mandate.
The spokesperson said that the NCS would continue to strengthen public trust and ensure that its personnel reflect the values of service, fairness, and national responsibility, saying this will done through its impactful reforms, transparent processes and strict enforcement of ethical standards.
Mr Maiwada noted that the board also deliberated on disciplinary cases presented during the session, following viral videos circulated recently on social media, showing acts of misconduct by some officers.
In line with that, he said that the board approved the demotion of two officers to the next lower rank, while also granting reinstatement to two officers whose cases were favourably reconsidered.
He said the sanctioned officers must undergo a mandatory medical re-evaluation by a medical board to determine their fitness to remain in the service and serve as a deterrent to other officers.
Mr Maiwada said that the board further issued a stern warning to all officers against the abuse of banned substances and other forms of unethical behaviour. He stressed that such conduct would not be tolerated under any circumstances.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
