New Customs import Duties Benchmark on 20ft Containers

New Customs Import Duties Benchmarks for all imported goods in 20ft containers to Apapa, Tincan Island, Kirikiri ports, and Onne seaport in Nigeria.

In my previous article, I discussed the new customs import duties benchmark. Today, I will analyze the new customs import duties benchmark for 20ft containers of goods to Lagos seaports (Apapa, Tincan Island, Kirikiri, Lekki Deep-sea port, and Onne ports. As I said the last time, you need to understand how the Nigerian trade system works. The benchmark does not mean that the benchmark is the exact amount importers will pay. 

For clarification, these import duties benchmarks do not mean that is the actual amount you will pay. It means, no matter the amount of your cargoes, that is the minimum value you will declare. Even if your cargo does not meet the minimum charges (I mean if the value of charges to pay is less than the benchmark), you are still expected to pay the same amount.

The new customs import duties Benchmark for a 20ft container, regardless of the contents and value, is N7,500,000 NGN (Thirteen Million Five hundred thousand Naira).

In the next few seconds, we will analyze some instances

1. Let's say importer Bola bought goods worth $25,000 USD, and the goods will fill a 20ft container.

• The minimum freight charges will be around $3500 USD
• The CIF value will be $28,500 USD
• Let's assume the HS code percentage is 5%import duty with no levy, and it has 7.5% VAT
• To calculate the import Duties
• CIF value in Naira is N44,175,000 NGN
• Percentage calculation is 14.86375% by N44,175,000 NGN = N6,566,061.5625 NGN
• N6,566,061.5625 NGN is not up to N7,500,000 NGN (Seven Million Five hundred thousand Naira) minimum benchmark
• The importer can't pay N6,566,061.5625 NGN because is not up to the N7,500,000 NGN (Seven Million Five hundred thousand Naira) minimum benchmark

2. Let's say importer Chika bought goods worth $25,000 USD, and the goods will fill a 40ft container.

• The minimum freight charges will be around $3500 USD
• The CIF value will be $28,500 USD
• Let's assume the HS code percentage is 10% import duty with no levy, and it has 7.5% VAT
• To calculate the import Duties
• CIF value in Naira is N44,175,000 NGN
• The percentage calculation is 20.615% by N44,175,000 NGN = N9,106,676.25 NGN
• The importer can pay N9,106,676.25 NGN because is up to the N7,500,000 NGN (Seven Million Five hundred thousand Naira) minimum benchmark

3. Let's say importer MUSA bought goods worth $25000 USD, and the goods will fill a 40ft container.

• The minimum freight charges will be around $3500 USD
• The CIF value will be $28,500 USD
• Let's assume the HS code percentage is 20% import duty with no levy, and it has 7.5% VAT
• To calculate the import Duties
• CIF value in Naira is N44,175,000 NGN
• The percentage calculation is 32.1175% by N44,175,000 NGN = N5,220,378.45 NGN
• The importer can pay N14,187,905.625 NGN because it is up to the N7,500,000 NGN (Seven Million Five hundred thousand Naira) minimum benchmark

In conclusion, the new customs import duties benchmark for a 20ft container does not mean you will pay the exact N7,500,000 NGN. You can pay as high as 15 million above if your consignment CIF value is more than the benchmark customs place on the 40ft container. Mean you the new customs duties benchmark is applied to 5% duties goods if your HS code percentage is more than 5% import duty, a customs officer may uplift the CIF values through PAAR issuance. You can contact us today; we are always available to guide you on the next shipping documentation process.

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