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  • Business - Economy
  • Updated: June 02, 2023

Customs Partners World Bank On Trade Compliance

Customs Partners World Bank On Trade Compliance

In a bid to improve trade compliance, the Nigeria Customs Service has partnered with the World Bank by introducing modalities for migration from the Fast Track Regime to Fast Track 2.0.

According to a statement, on Wednesday, the National Public Relations Officer of the service, Abdullahi Maiwada, a Chief Superintendent of Customs, said that the platform also 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 aims to streamline trade processes, promote compliance, and create a more efficient and rewarding environment for traders", he said.

Maiwada said that when fully operational, FT 2.0 would 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 the 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)”, he stated.

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