A European company was sending a piece of equipment to Nigeria for a customer’s demonstration. At the time of shipment, the company realised that the high value equipment would incur high import duty. They therefore asked our colleagues in Nigeria to advise on the transaction and help implement the solution.
To secure a suspension of import duty and taxes in Nigeria, it was decided to use the temporary import regime. However, in Nigeria, this procedure requires preparation and time. None of this was available from the European company.
So, it was up to the in-country team to make every effort to accelerate the process. They obtained the Temporary Import Approval within two weeks. In Nigeria, such a procedure takes normally five to six weeks. This is an exploit for a country where dealing with the administration and obtaining documents can be a very lengthy process.
The local experts also set up the financial guarantee and bank bond within a day! To get such result, they sent a colleague to the bank who waited from 8.30am to 7pm after their closing time to get the authorisation from the person in charge.
Finally, with all authorisations, approvals, guarantees in place, the goods can cross the border smoothly.
Having someone in your compliance team in-country, on the ground, will always make your transactions easier. Better still, contact the local experts in advance!
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