Prepared by Christopher Lane.
Export data shown in Table VI-1 are compiled from partner trade statistics. After adjusting for the c.i.f. factor, the value of non-oil exports is approximately double the value reported by the Central Bank of Nigeria. This may likely reflect informal border exports, as discussed in Bio Soule, Prospects for Trade Between Nigeria and its Neighbors (Paris: OECD, 2001).
Customs monitors the production of exports, and the bond is signed prior to export. When export proceeds are certified as repatriated by the exporter’s bank and the export promotion council, an application for refund is made on a Central Bank of Nigeria MXP form. Rebates approved (20 percent of export value) are applied to future tariff payments. The rebate was increased from 10 percent to 20 percent in January 2001.
Average of four-digit level tariffs, based on the approved changes in the 2002 budget and subsequent circulars.
According to the latest available data on 183 Fund members, 11 countries have average tariffs, including other duties and charges, over 30 percent (Egypt, Morocco, India, The Bahamas, Burundi, Syrian Arab Republic, Tonga, Zimbabwe, Nigeria, and Comoros).
Export prohibitions on cassava, the largest staple crop, rice, and beans were removed in 1995, and on beer in 1998. Import prohibitions that have been removed include maize (1999) and vegetable oils (1999).
The main charges are as follows: a port surcharge of 7 percent of duty (equivalent to 2.3 percent of the simple average tariff); an administrative charge of 1 percent of f.o.b. import value for preshipment inspection; ECOWAS community levy of 0.5 percent of import value; and product-specific levies on cars (2 percent) and sugar (5 percent).
Exporters are required to sell export proceeds at the export proceeds rate, which is similar to the interbank rate.
Countries with segmented exchange markets in 2002 include Afghanistan, Cambodia, Laos, Mauritania, Myanmar, Sierra Leone, Somalia, Syria, Turkmenistan, Uzbekistan, and Zimbabwe.