The Continental Free Trade Agreement: Is no deal the right deal for Nigeria?
On 22 March 2018 in Kigali, Rwanda, Heads of State of forty-four African countries, gathered to sign the African Continental Free Trade Agreement (“AfCFTA” or “the Agreement”), the landmark agreement which amongst others aims to liberalize trade across Africa.
Nigeria’s new excise regime: Is this the right time?
Barring any last minute reversal, locally manufactured tobacco and alcoholic beverages (“Excisable Products”) will be subject to a new excise regime from 4 June 2018. This new regime is pursuant to Section 13 of the Customs, Excise Tariff Etc. (Consolidation) Act which enables the Nigerian President to impose, vary or remove any import or excise duty.
Federal Government approves changes to excise duty regime
The Federal Government of Nigeria (“FGN”), has approved changes to the rates and bases for levying excise duties on alcoholic beverages and tobacco. The new regime, communicated via the circular referenced 17642/II/172 and dated 6 March 2018 (“the Circular”), becomes effective from 4 June 2018 and the increase in taxes will be phased on a graduated scale from June 2018 to 2020.
Federal Government issues revised guidelines for Export Expansion Grant scheme
The Federal Government of Nigeria (FGN), vide the Nigerian Export Promotion Council (NEPC), recently issued the revised guidelines for operation of the Export Expansion Grant scheme (hereinafter referred to as “EEG” or “the Scheme”). This move follows the decision of the FGN to reintroduce the Scheme, which had been suspended since 2013.