Customs migrates to FT 2. 0
The Nigeria customs service has migration from the old Fast Track regime to Fast Track 2.0 for enhanced trading and a reward for compliant traders.
Under the new order – Fast Track 2.0 (FT 2.0), aims to reward compliance and facilitate trade by admitting traders based on their adherence to regulations and contribution to trade in Nigeria.
When fully operational, FT 2.0 is expected to encourage traders to comply with Customs rules and regulations.
One of the main advantages is the potential for significant cost reductions associated with cargo handling and demurrage at the ports.
Spokesperson for the Nigeria Customs service Abdullahi Maiwada confirmed the migration to the new status on Wednesday in a statement.
Part of statement reads: “the Nigeria Customs Service in collaboration with the World Bank under the Accelerating Revenue Mobilization Reforms Programme (ARMOR), has initiated the modalities for migration from Fast Track Regime to Fast Track 2.0 (FT 2.0).
“This system aims to reward compliance and facilitate 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”
The statement urged interested traders in the facility to visit the Service’ official website for details while 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).
