Federal Executive Council Approves New Import Levy

The Federal Executive Council (FEC) has approved a new 0.2% import levy on eligible imports from African Union (AU) Member States.

This decision by FEC is based on resolutions from the 2016 Kigali Summit, where African Leaders agreed to implement a 0.2% uniform levy on eligible imports into Member States. The levy is to enable Member States settle AU subscriptions on a sustainable basis.

The new levy would be calculated on the cost, insurance and freight (cif) values of the eligible goods. In this regard, eligible goods as contemplated by the AU, are expected to be all goods imported into Nigeria except the following:

• Goods originating from outside the territory of a Member State for home consumption in a Member State and re-exported to another Member State;