The Nigeria Customs Service (NCS) has announced plans to simplify and expedite trade within Nigeria, aligning with the guidelines set by the World Customs Organisation.
This initiative, named the ‘Authorised Economic Operators’ (AEO) project, is supported by the newly enacted Nigeria Customs Service Act of 2023.
The primary objective is to systematically identify acceptable risks associated with importing legitimate goods into Nigeria.
Mr. Adeniyi emphasised that compliant traders and businesses would greatly benefit from this innovative approach, which he believes will revolutionise the realm of trade facilitation.
Experts anticipate that the AEO Project will enhance the ease of doing business across various sectors and attract foreign investors to Nigeria.
This initiative is expected to enhance security and efficiency in accelerating the movement of goods. By reducing processing times for importers, it will also increase the likelihood of revenue generation, thereby fostering stronger collaboration between the customs service and stakeholders.
Among the advantages of the AEO program are decreased cargo examination rates and expedited priority examination procedures, among other benefits.
