CBN’s valuation policy hits port agents as clearing cars rises by 100%
CBN’s valuation policy hits port agents as clearing cars rises by 100%

CBN’s valuation policy hits port agents as clearing cars rises by 100%

Operations in Lagos Port have been grounded following the strike by freight forwarders who are protesting the Central Bank of Nigeria (CBN) e-valuation policy.

The apex bank had in January directed submission of e-valuation copy on Import and Export operations in a bid to track cost of goods through electronic invoice.

The policy became effective on February 1, 2022 despite the House of Representatives ordering the CBN to delay its take-off.

The policy has resulted in high demurrages and costly clearance at the port.

The immediate past national chairman of the Association of Nigerian Licensed Customs Agents, Emmanuel Ogu, in a chat with journalists in Lagos on Thursday, said the policy would increase cost of doing business and place huge financial burden on Nigerians importing goods including cars.

At least 12,000 imported vehicles are currently trapped at the port due to the ongoing strike.

With the policy, the cost of clearing a vehicle at the port has increased from N300,000 or N400,000 to N800,000.

Ogu said: “It is not tenable at all. The importers will be affected. The end-users will be affected, the agents will be affected, and it is not going to work well for this nation

Nigerian New Import Duty Tariff

In 2014 Nigerian Government increased the Import Duty Tariff in other to patronize Nigeria car manufactures

Rules For Importing Cars Into Nigeria

The government of Nigeria claims that you must make an e-Form M import any type of goods. E-Form M is valid for half a year, except for the E-Form M that you open in order to import machinery and plants, which is valid for 1 year.

Shipping From USA To Nigeria: A Step-By-Step Guide

Let’s brief you step-by-step shipping guide.

DURATION: the ship takes about 2-3 weeks to arrive in Lagos (unless the ship will stop in the other ports) from the moment it takes off from the USA port.

TRANSIT TIME: Once the ship drops off your car at the destination port in Nigeria, the estimated time of transit usually takes about 1 – 3 months

You should keep in mind that when the ship gets to port in Lagos, the process does not end here. Usually, the off-loading process takes several weeks. And this is the best moment to get your clearing agent to work.

Here is the step-by-step guide on shipping cars if you do it yourself or with the help of the agent:

How to ship any car by yourself

  • Find a Shipping Broker Online or Offline
  • Download their application form called Docket Receipt
  • Complete the docket receipt and fax or email it to the shipping broker
  • the broker will process and send it back to you in 1-2 days depending on their response timing
  • Make 6 copies of the docket receipt and 6 copies of the car title front and back
  • take your car and paper-work to the port
  • the port staff will give you a receipt confirming that your car was accepted for shipping
  • the broker then sends you a bill for the shipping
  • Once you make the payment, they will mail your bill of lading to you
  • Make a copy of the bill of lading and send the originals immediately to your clearing agent preferable by courier
  • Your clearing agent will clear the car from the port
  • All this process may take up to 3 months or more

Shipping any car through a shipping agent

  • Fine a shipping agent in your area
  • Complete the Agent’s paper-work form
  • Give him the car, Keys and original title
  • You may be required to pay the shipping fee immediately or when the ship leaves
  • Once the bill is lading is ready, the agent will call you for pick-up
  • Make a copy of the bill of lading and send the original copies to your clearing agent
  • Your cleaning agents clear the car from the Port
  • this whole process may take up to 3 months

Cost of shipping cars from the USA to Nigeria

  • You have to pay an auction fee when you are buying through an Auction abroad;
  • you pay the shipping cost to the foreign country;
  • you pay clearing fees and different port charges;
  • your paying include customs duty, levy, and VAT;
  • you are charged for the commission, that goes to shipping and clearing agents;
  • you pay charges to the shipping company at the delivery point;
  • the costs also may include some miscellaneous expenses.

Cost Of Clearing Cars In Nigeria

The newly introduced system now focuses more on the actual value of the vehicle to get the total cost of the car.

The cost of clearing cars under the old policy based on the current value of some popular car brands:

Year of ManufactureClearing Fee for Cars (N)Clearing fee for SUVs (N)
1999260000400000
2000280000400000
2001280000450000
2002320000450000
2003330000480000
2004350000480000
2005400000500000
2006410000550000
2007500000570000
2008600000600000
2009780000850000
2010800000Subject to negotiations
2011-2015Subject to negotiationsSubject to negotiations

Popular vehicle brands in Nigeria and their current clearing cost:

Car modelCost in Naira
Acura MDX 2007N700,000
Acura MDX 2008N850,000
Acura MDX 2009N980,000
Acura TSXN380,000
Benz MLN450,000
Ford Edge 2007N900,000
Ford Focus 2012N1,400,000
Hyundai Elantra 2013 – 2016N1,300,000
Hyundai SonataN350,000
Kia Optima 2012N1,200,000
Kia SpectraN500,000
Land Rover R/Sport 2006N1,500,000
Lexus RX 300N420,000
Mazda 3 SVN2,000,000
Mazda 6 2004N450,000
Mitsubishi Carisma 2005N380,000
Toyota 4 Runner 1994N450,000
Toyota Camry 2003N270,000
Toyota Camry 2007- 2008N600,000
Toyota Camry Hybrid 2010N1,100,000
Toyota Corolla 2003N350,000
Toyota Corolla 2004N450,000
Toyota Corolla 2005N500,000
Toyota Corolla 2006N600,000
Toyota HighlanderN450,000
Toyota Sienna 2004N350,000
Toyota Venza 2010N1,100,000
Toyota Yaris 2000N200,000
Volkswagen busesN350,000
Volkswagen CC 2011N1,200,000
Volkswagen PassatN380,000

Also Read:

Car/ModelPrice
Nissan Pathfinder 2001₦350,000
Nissan Primera 2003₦315,000
Toyota Rav4 2004₦335,000
Kia Sorento 2004₦360,000
Lexus RX 330 2004₦370,000
Nissan Pathfinder 2005₦400,000
Toyota Highlander 2005₦450,000
Toyota Corolla 2005₦300,000
Toyota Tundra 2005₦400,000
Toyota Corolla 2006₦300,000
Toyota 4Runner 2006₦450,000
Lexus RX 350 2007₦600,000
Lexus RX 350 2008₦700,000
Toyota Highlander 2008₦500,000
Lexus RX 350 2009800,000
Lexus RX 350 2010₦950,000
Toyota 4Runner 2011₦900,000
Mercedes-Benz ML350 2012₦1,515,000
Toyota Venza 2013₦1,400,000
Toyota Camry 2013₦1,350,000
Toyota Camry 2015₦1,500,000

Where To Clear Your Cars – Zonal Offices in Nigeria

The popular ports in Nigeria through which cars are brought in are Tin Can port and Apapa port. You will only clear at the Seme border if you’re importing your car from Cotonou. The various fees to pay at this border includes the custom duty, the port charge and the clearing agent fee.

Verification of car status can be done at any of the four zonal centres of the Nigerian Customs Service. It is at this place you pay the fees for your car’s uncleared status. The four zonal offices include:

  • Zone A Headquarters, No. 1 Harvey Road, Yaba, Lagos;
  • Zone B Headquarters, Kabala Doki, Kaduna;
  • Zone C Headquarters, Nigeria Ports Authority, Port Harcourt and;
  • Zone D Headquarters, Yelwa Tudu Road, Bauchi State.

Another method of verification is to call or send an SMS to the following NCS numbers alongside your C-number, the year you paid your duty and the port or location through which your car was brought into the country. The numbers to call are 094621597, 094621598, and 094621599. You should receive a customs clearance after a few minutes

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