The federal government of Nigeria has lifted the embargo on textile and furniture imports into the country. The news was confirmed by comptroller-general of the Nigeria Customs Service Alhaji Abdullahi Dikko who said that now Nigerians can import textile materials subject to payment of duty, according to News Wire NGR.
The items were originally banned in an effort to protect local businesses in the textile industry, according to Victor Gbemudu, assistant comptroller general.
At the official launch of the implementation of the Economic Community of West Africa States (ECOWAS), Common External Tariff (CET), Dikko said the items were removed from the prohibition list aligned with the laws the CET regime follows.
According to News Wire NGR, Dikko said importers of these goods are now expected to pay 35 percent duty as agreed by ECOWAS countries, in addition to the Import Adjustment Tax.
“CET also comes with some adjustments for member countries. There are 97 chapters with the 5,899 tariff headings but every member country is entitled to 3 percent adjustment. This 3 percent adjustment translates into 177 tariff headings to enable member countries to protect their local industries,” Gbemudu said.
He added that the CET is subject to review every five years.
Gbemudu also spoke on behalf of the CET regarding Nigerian economy, assuring that there will be no policy somersault on importation. Importers can now predict and plan five years ahead since the cost of duty will not change.