What is Form M?
If you want to import any good into Nigeria, it's vital that you follow all of the proper procedures. Part of that process is filling out a Form M. In this guide, we'll look at what this form is, and what paperwork and fees you'll need in order to file it. This video was made with Ezvid Wikimaker.
What Organizations Are Involved in Nigerian Imports?
- Central Bank of Nigeria: The country's monetary authority
- Nigerian Customs Service: Collects fees and prevents smuggling
- NAFDAC: Monitors food and drugs
- Standard Organisation of Nigeria: Certifies the quality of products
How Does International Trade Work?
Anyone who wants to import goods into Nigeria needs to know what a Form M is and how to fill it out. In simple terms, the form is a security document issued by the Central Bank of Nigeria for monitoring all physical goods brought into the country. It is the minimum documentation required for importation into Nigeria. Form M is designed to simplify and facilitate trade. It allows the government to monitor persons or companies intending to import goods of any value. And it makes it clear what duties will need to be paid.
Before you fill out a Form M, make sure you have your other paperwork in order. First, you'll need a pro forma invoice, showing the detailed description of the goods, unit price, quantity, freight, port of discharge, country of origin, and supply. It should be dated no older than three months. You'll also need a certificate issued by a Nigerian insurance company to cover at least 110% of the total import. Any machinery will likely require an S.O.N. product certificate, while raw materials need to be registered with NAFDAC.
When you officially file a Form M, you will be charged a fee of 3150 naira. If you use the electronic version, the charge goes down to 1500 naira. Any amendment on an already established form costs 5250 naira.
If you use the electronic version, the charge goes down to 1500 naira.
In July 2015, the C.B.N. issued a circular listing 41 items that cannot access official C.B.N. intervention funds. Any customer intending to import goods that fall under this list must present the source of funds, along with evidence for this source, in order to enable the bank to seek approval from C.B.N. before the Form M is established.