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

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.

READ ALSO: CBN kicks off 100 for 100 policy, presents N23bn to 28 companies

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.”

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