Investor Presentaiton

The Country and its institutions Business Organisation Labour and Social and Regulation Security Regulations The Nigerian Financial Tax System Services Industry Foreign Exchange Transactions Investment in Nigeria Accounting and Auditing Requirements Importation of Goods Exportation of Goods COVID-19 - Economic and Fiscal Measures (f) The import transaction documents must include the name of the product, country of origin, specifications, date of manufacture, batch or lot number and applicable standards to which the goods have been produced (e.g., Nigeria Standards (NIS), British Standards PD, ISO, IES, Din etc.). (g) Import items regulated for health and environmental reasons, such as food, drinks, cosmetics, etc., must bear expiry dates or the shelf life (minimum of half shelf life at the time of importation) and specify the active ingredients, where applicable. (h) Electrical appliances (fluorescent lamps, electric bulbs, electric irons, etc.) must have information on life performance, whilst items, such as cables, must carry information on their ratings. (i) All electronic equipment and instruments must include an instruction manual, safety information and a guarantee or warranty of at least six months. (j) Goods imported without proper labelling shall automatically qualify for seizure and destruction without warning and subject to prosecution. Also, any false or fraudulent misrepresentation of facts will result in impoundment/seizure. (k) e-Form 'M' shall be valid for importation after acceptance by the NCS. (I) All goods imported into Nigeria must be labeled in English (in addition to any other language of the transaction) to avoid confiscation. (m) All imports shall be accompanied by the following documents: Final invoice and Certificate of Origin attested by the Chamber of Commerce of the exporting country and, where not available, certified by a Notary Public who must indicate his official address and registration number. It must also contain the e-Form 'M' number, adequate description of the goods, port of entry into Nigeria, shipment identification, date of shipment, country of origin, and country of supply. • Packing list. • Shipped/Clean On-Board Bill of Lading/ Airway Bill/ Waybill/ Road Way Bill. • Manufacturer's certificate of production, the Phytosanitary Certificate or Chemical Analysis Report, which should state standards. • Laboratory test certificates for chemicals, foods, beverages, pharmaceuticals, electrical appliances and other regulated products. 9.5 (n) For transactions with post-landing charges, a retention fee of 5-15% of the project cost as agreed between the exporter and importer shall be indicated on the contract and the pro-forma invoice. This shall form part of the supporting documents for registration of the e-Form 'M'. Other requirements are: • the retained fee shall not be remitted until a satisfactory evaluation of the project has been undertaken by the Industrial Inspectorate Department (IID) of the Federal Ministry of Industry, Trade and Investment. the NCS shall forward copies of the contract and pro-forma invoice of such projects, to the IID. ⚫ during DI, the NCS shall take cognizance of the value of shipment and post landing charges indicated on the Pre-Arrival Assessment Report (PAAR). thereafter, the IID will carry out an evaluation of the project and advise the CBN accordingly. on receipt of the report of evaluation from the IID, the CBN shall advise: (a) the NCS on the issuance of the PAAR for the retained value; and (b) the authorised dealer to remit the funds to the beneficiary. (o) A maximum amount of 2% of the free on board (FOB) value of the consignment shall be paid to agents or confirming house acting as intermediary between importers and exporters as buying commission. Marine Insurance Marine insurance of all goods imported into Nigeria must be undertaken by a Nigeria-based insurance company. Premiums to be paid in Nigerian currency typically range from 2% to 3% for marine haul (for goods brought in vessels, the insurance covers the goods, vessel and crew members), while 0.25% - 0.35% of the cost and freight value of goods is for marine cargo. However, in practice, the premium paid by the importer to the insurance company for the issuance of marine certificate depends on the agreed premium rate and insurance policy. KPMG Investment in Nigeris Guide - 8th Edition 78

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