Import & Export
Import & Export
An e-Form M is an online obligatory documentation process introduced by the Central Bank of Nigeria (CBN) and the Nigeria Custom Service (NCS). It was put in place by the Federal Government of Nigeria through the Federal Ministry of Finance (FMF) to monitor goods that are imported into Nigeria, as well as enable the collection of import duties where applicable. Standard life span is 360 days for general merchandise and 720 days for plant and machinery with an extension period of 180 and 360 days respectively granted by Authorised Dealer Banks. Any further extension must be approved by the Central Bank of Nigeria (CBN).
Importers are required to complete the form on the Federal Government Single Window for Trade via www.trade.gov.ng.
- Pro-forma invoice with 3 months validity period from issuance date
- Insurance certificate, locally issued at 110% cover on cost and freight Basis
- Regulatory Certificate per the item of import e.g., NAFDAC permit, DPR certificate, SONCAP Product certificate, NESREA, etc.
Regulatory Certificate per the item of import e.g., NAFDAC permit, DPR certificate, SONCAP Product certificate, NESREA, etc.
Payment for small-scale Importation (SMEs Remittance) – Form Q
In a bid to contain all stakeholders in the foreign exchange market, the CBN advised all authorized dealers and the public of its decision to intervene in the foreign exchange market to ensure payments for eligible imports by small and medium scale enterprises. Under this arrangement eligible SMEs can only access FX from the official window up to a maximum of USD20,000.00 per quarter with minimum documentation.
- Duly completed form Q
- Registered Form M
- Application Letter from the customer
- Applicant must be an account holder with the Bank and must have operated the account for at least 6 months
- Foreign Bank Transfer Details
- Proforma Invoice from the offshore supplier/ beneficiary
Letters of Credit
A Letter of Credit is a mode of payment used for importation of visible goods. It is a letter from a bank, guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount. The bank bridges the confidence gap between the offshore seller (exporter) and buyer (importer) by assuring the seller of payment provided documents are compliant with all the terms and conditions of the credit.
- Approved Form M with all the attachments
- Letter of Credit application form, duly completed
- Customers Instruction to purchase foreign exchange
This is an arrangement by the bank to effect payment to another party if the bank’s customer defaults in his/her debt or obligation to the beneficiary. Premium Trust Bank will upon receipt of customer’s request issue local and foreign Guarantees on behalf of its customers and in favour of a third party provided the conditions of issuance have been met and the text of the guarantee conforms with the bank’s requirements and that of the offshore correspondent bank.
Bills for collection
A documentary Bills for collection is a mode of payment whereby the exporter assigns the collection of the payment for a sale to its bank (remitting bank), which sends the documents that its buyer needs to the importer’s bank (collecting bank), with instructions to release the documents to the buyer for payment. In Nigeria, Documents against acceptance is what the regulatory authority allows.
- Registered Form M
- Customer’s instruction to buy foreign currency
- Shipping Documents
- Original Clean /Shipped on Board Bill of Lading /Airway Bill/Road Waybill
- Certificate of Origin
- Packing list
- Commercial Invoice
- Product Certificate
- Single Goods Declaration (SGD) form
- Accepted Bill of Exchange
- Assessment Notice
- Exit Note
- PAAR (Pre–Arrival Assessment Report)
Form NXP/Export Processing
NXP Processing is a local requirement for commercial exports from Nigeria. An intending exporter is required to complete and register Form NXP with an Authorized Dealer of choice.
Export is the sale of goods and services produced in the home country to other markets.
- Certificate of Incorporation
- Valid NEPC (Nigerian Export Promotion Council) certificate
- Pro-forma invoice for export item which must not be on the prohibition list. See www.trade.gov.ng
- Tax Identification Number (TIN)
- Export Proceeds Domiciliary Account
- Duly completed Form NXP on TRMS (Trade Monitoring System) - www.tradesystem.gov.ng