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E-FORM M NEEDED TO SPEED
UP IMPORTATION PROCESS
IN NIGERIA
validity period of three months) shall
carry a proper description of the goods
to be imported to facilitate price
verification. These include:
o
February 2011 Vol. 24: Issue 2
o
The
cumbersome
process
involved
o
during importation of goods to Nigeria
has been a source of discouragement to
investors who are interested in the
o
sector. Recently, a call was made to the
Central Bank of Nigeria (CBN) to make
available the M form electronically. This
o
is to ensure that the stress importers go
through in order to obtain the forms
physically reduces.
The M form is the application form to
import goods into Nigeria. Its function
is so important and unique as it is the
first hurdle to cross when goods are to
be imported to Nigeria. Any person
intending to import goods into Nigeria
shall first process Form M through any
authorized dealer bank irrespective of
the value of the goods and whether
payment is involved or not. The form is
to be completed in quadruplicate and
has a validity period of six months
except Plants and Machinery which has
one year validity period.
The Form 'M' and the relevant proforma invoice (which shall have a
Generic product name, i.e.
product type, category
Mark or brand name of the
product where applicable
Model name and or model
or
reference
number.
where applicable
Description of the quality,
grade,
specification,
capacity, size, performance
etc.
Quantity and packaging
and/or packing
Form 'M' shall be valid for importation
only after acceptance by the relevant
Scanning /Risk Management provider.
Consequently, Authorized Dealers are
to confirm acceptance of the Form M
before proceeding with other import
processes.
It is hoped that bearing the importance
of the M form to importation business in
Nigeria, the CBN will make Form M and
other documents available electronically
in order to make it easier for importers
to import their goods hence comply
strictly
with
Destination
Inspection
Scheme.
©Blackfriars LLP 2011. All rights reserved. This document is for general guidance only. Definitive advice
should be sought from counsel if required. Blackfriars LLP, The Penthouse Floor, Itiku House, 28-30
Macarthy Street, Lagos. Tel: +234 1 739 0397; +234 1 736 9797; +234 1 736 9795; Fax: +1 646 536 8978.
http: www.blackfriars-law.com Email: [email protected]
WWW.BLACKFRIARS-LAW.COM
For further information, please contact:
Ms. Nkay Onyeaso
Tel: +234 1 739 0397
Cell: +234 808 718 0833
Email: [email protected]
Fax: ++1 646 536 8978
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©Blackfriars LLP 2011. All rights reserved. This document is for general guidance only. Definitive advice
should be sought from counsel if required. Blackfriars LLP, The Penthouse Floor, Itiku House, 28-30
Macarthy Street, Lagos. Tel: +234 1 739 0397; +234 1 736 9797; +234 1 736 9795; Fax: +1 646 536 8978.
http: www.blackfriars-law.com Email: [email protected]