FOLLOWING the expiration of the 30 days notice required under the Provisions of the Economic Community of West Africa Common External Tariff (ECOWAS-CET), the federal government has approved the implementation of the policy with effect from Saturday, April 11, 2015.
Under this arrangement, all imports arriving into the country as from that date shall be subjected to the rates contained in the CET 2015- 2019 and 2015 Fiscal measures without recourse to the rates applicable before the coming into effect of the policy.
Already, the Comptroller-General of Nigeria Customs Service (NCS), Dikko Inde Abdullahi has directed all Customs Area Comptrollers (CAC) to commence immediate enforcement of the policy.
He urged all stakeholders to ensure compliance with the new ECOWAS Tariff to enhance trade facilitation within and outside the region.
A statement issued by the NCS Public Relation Officer, Wale Adeniyi yesterday, explained that the approval for the implementation of the new Tariff was conveyed in a statement signed by the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo Iweala.
He explained that the implementation of the ECOWAS CET (2015-2019) together with its Supplementary Protection Measures (SPM) and 2015 Fiscal Policy Measures will occurs concurrently.
According to Adeniyi, the approved Supplementary Protection Measures (SPM)/Fiscal Policy Measures comprise an Import Adjustment Tax (IAT) list which involves additional taxes
On 177 Tariff Lines of the ECOWAS CET.
It also includes a National List consisting of items whose Import duty rates have been reviewed to encourage more development in strategic sectors of the economy and an Import Prohibition List (Trade), applicable only to certain goods originating from non-ECOWAS Countries.