Customs to introduce controversial electronic valuation policy

The electronic valuation policy suspended by the Nigeria Customs Service (NCS) would be reintroduced on Friday, despite protest against the policy which was claimed would increase cost of imported cars.

The policy, meant for Vehicle Inspection Number (VIN) on imported vehicles, was previously suspended after the house of representatives intervened to avert protest by the freight forwarders or clearing agents.

The Harmattan News had reported that the e-invoicing and e-valuation policy was introduced by the Central Bank of Nigeria (CBN), with the customs service backing the introduction.

It would monitor the value of exports and imports trade in Nigeria. The policy became effective on February 1, 2022, but was later suspended after protest that the cost of clearing a vehicle at the port would rise to N800,000, from about N300,000.

In a letter signed by NCS’ Deputy Controller, Administration, Ajibola Odusanya, and dated May 17, it was stated that there would be sensitisation of the stakeholders to ease the deployment of the VIN valuation.

“In line with the planned nationwide deployment of the VIN Valuation on Friday, 20 May 2022, and the need to continually enhance the platform for optimal performance and service delivery, the sensitisation which is scheduled to take place on Thursday, May 19, 2022, at 11:00 am is to hold at the Apapa Command conference hall.

“The Deputy Controller Administration, A Y. Odusanya, on behalf of the Customs Area Controller requested that clearing agents should send their representatives to attend, saying the session would benefit everyone and further clarify any question.” Customs said.