FBNQuest, an arm of FBN holdings, has been authorised to collect customs duties to ease the loads on the Nigerian Customs Service and its other partners. The authorisation was granted by the customs service itself. This means importers can now run end-to-end import processes, shipping documentation, and other delivery and collection procedures by the merchant bank.
The Coverage and Corporate arm of the financial institution is expected to work hand-in-hand with the trade services desk within the bank to deliver a seamless and stress-free collection, collation and delivery for all importing businesses in Nigeria. This is expected to lead to a hitch-free service for all importers.
Abimbola Wright, Head of Coverage & Corporate Banking at FBNQuest said “In our continued effort to make our service offering more robust, seamless and convenient for our customers, we constantly innovate and introduce value adding solutions to facilitate the international trade activities and requirements of our clients. Being the first merchant bank in Nigeria to be authorised for custom duties collection is a development we are very proud of, and we are excited to further expand the scope of support we provide our customers”.
According to Global Edge, an international research firm, Nigeria imported over $43 billion worth of goods in 2018 alone. The country imports majorly wheat, vehicles, spare parts, electronic appliances and more from its international partners. However, as the nation closes its border to importation of agricultural produces that can be sourced locally, import is expected to fall sharply going forward. The sharp fall in imports will yield a more robust growth of the agro and related industries, leading to more exports and reduction in trade imbalances. Nigeria is currently listed as 49th largest exporting country in the world by the Organisation for Economic Co-operation and Development (OECD).