Foreign exchange can be sourced at AFEM through the Authorized Dealers for the purpose of importation of goods and services.

In Nigeria a Comprehensive Import Supervision Scheme (CISS) is being operated whereby all Importers are required to process FORM “M” through the Authorized Dealers.

The information on the Form “M” is used both for statistical purposes and Pre-Shipment Inspection requirement for the assessment of import duty and quality standard of goods being imported. Port Reforms

With the introduction of an Automated System of Customs Data (ASYCUDA) and X-ray examining machines at the ports, Pre-Shipment Inspection Scheme is being phased out and replaced with Destination Inspection.

All imports into the country are normally cleared at the ports within 48 hours of arrival.


A variety of measures and incentives are in place to encourage export-oriented industries.

Import Duty Drawback/Suspension/Manufacture-In-Bond Scheme importers can claim repayment of import Duty paid for materials used in producing export goods.

Export License Waiver

Export License is not required for the export of manufactured and processed products. Also exports have been exempted from excise tax.

Export Development Fund

The Export Development Fund shall be used to provide financial assistance to private exporting companies to cover part of their initial expenses in respect of export promotion activities.

Export Expansion Grant Fund Scheme

The Export Expansion Fund shall be used to provide cash inducement for exporters who have exported a minimum of N50, 000.00 worth of semi-manufactured or manufactured products.

Export Credit Guarantee and Insurance Scheme

Export Credit Guarantee and Insurance Scheme is extended to insure genuine exporters against political and other risks including default in payment.

Export Adjustment Fund Scheme

Export Adjustment Fund Scheme is to serve as a supplementary Export Subsidy to compensate exporters for:

  1. High Cost of production arising from infrastructural deficiencies.
    Purchasing commodities at prices higher than prevailing world market price but fixed by government; and Other costs beyond the control of the exporter.

  2. Rediscounting of Short Term Bills for Export
    This facility will enable all exporters to re-discount their short-term bills under a scheme provided by Nigerian Export and Import Bank (NEXIM).

  3. Export Processing Free Zone Scheme
    The Nigerian Export Processing Zones Authority has been established under DECREE 1992, to manage, control and co-ordinate all activities within the zones.
    The Law allows interested persons to set up industries and business within demarcated zones in the country, principally with a view to exporting goods and services manufactured or produced.

    Appropriate incentives are available to investors in the designated free zones. These are:

    1. Tax Holiday Reliefs

    2. Legislative provisions pertaining to taxes, levies, duties and foreign exchange would not apply within EPZs

    3. Repatriation of foreign capital investment in EPZs at any time with capital appreciation of the investment.

    4. Unrestricted remittance of profits, and dividends earned by foreign investors in EPZs Rent-free land during construction of factory premises Up to 100% foreign ownership of enterprises in Ezps

    5. Sale of up to 25% of production permitted in domestic markets.

    6. No quotas on products from Nigeria exported to the European Economic Community (EEC) and United States of America.

    7. Made in Nigeria goods are entitled to preferential tariffs in the EEC because Nigeria is a member/party of the Lome Convention.