- Nigeria Customs Service announced the decommissioning of the Fast Track Scheme and migration to the Authorised Economic Operator program.
- The AEO program was introduced by the Nigeria Customs Service Act, 2023, and officially launched on 14 February 2025.
- The FTS will be decommissioned on 31 December 2025.
- From 1 January 2026, only EOs approved under the AEO program will benefit from trade facilitation privileges.
- EOs currently under the FTS must transition to the AEO program by submitting applications via the designated portal.
- The AEO program aims to align trade facilitation processes with international best practices.
- The program encourages high compliance with customs rules and enhances supply chain efficiency.
- The AEO program is supported by global organizations like the World Trade Organization and the World Customs Organization.
- EOs demonstrating high regulatory compliance and security will receive incentives such as expedited customs processing.
Source: taxathand.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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