The New Import And Export Guidelines: Any Respite For The Trader?

Monday, 1 January 2018, did not only mark the celebration of New Year in Nigeria, it also heralded the effectiveness of the revised import and export guidelines (the Guidelines) issued by the Federal Government of Nigeria (FGN).

While the Guidelines are not entirely new, the impact of its changes are significant and traders must pay particular attention to the specific changes to avoid potential financial and reputational risks.

The changes could be classified into two broad categories ranging from establishment of newer requirements and introduction of weightier sanctions for noncompliance. Highlights of these changes are set out below:

i. Establishment of new requirements