From Uche Usim, Abuja
Regulation-compliant traders are in for a rewarding experience as the Nigeria Customs Service, in collaboration with the World Bank under the Accelerating Revenue Mobilization Reforms Program (ARMOR), is set to migrate them from Fast Track Regime to Fast Track 2.0 (FT 2.0).
Customs, in a statement, said the “system rewards compliance and facilitates trade by admitting traders based on their adherence to regulations and contribution to trade in Nigeria”.
By introducing Fast Track 2.0, the Nigeria Customs Service said it aims to streamline trade processes, promote compliance, and create a more efficient and rewarding environment for traders.
“When fully operational, FT 2.0 is expected to encourage traders to comply with Customs regulations and rules. One of the main advantages is the potential for significant cost reductions associated with cargo handling and demurrage at the ports.
“Traders who are interested in taking advantage of this facility can access more information and apply through a dedicated website.
“Existing traders who are currently using the old Fast Track system are advised to apply to the new Fast Track 2.0 (FT 2.0)” Customs noted.