I must be frank with
you this time around. Do you know that without Form M, you will not be able to
import or export to Nigeria. By implications, what does Form M means. Have you
heard that no shipping without Form M?
I am not here to scare
or bore you with the implications of Form M but to hint you on the values of
the form. Form M is a mandatory statutory document to be
completed by all importers for importation of goods into Nigeria. It is a
mandatory documentation process put in place by the Federal Government of Nigeria
through the Federal Ministry of Finance and the Central Bank of Nigeria (CBN),
to monitor goods that are imported into the country as well as enable
collection of import duties where applicable.
The
life span of a Form M is 180 days (for general merchandise) and 365 days (for
plant and machinery), after which an extension of 180 days (for general
merchandise) and 365 days (for plant and machinery) can be granted on the Form
M by the Authorized Dealer. Any further extension has to be approved by the
Central Bank of Nigeria (CBN).
It
is therefore mandatory for all importers to complete and register Form 'M' with
Authorized Dealers at the time of placing orders whether the transaction is
valid for foreign exchange or not. This is currently initiated electronically
on a Trade Portal provided by the Central Bank of Nigeria in conjunction with
the Nigeria Customs Service.
Therefore,
Valuehandlers provide you with 15 important things you need to know about Form
M.
 |
| Form M |
1. The first official document needed to initiate shipment into Nigeria is the Form M
2. Form M is an E form. That is electronic form. The electronic form replaced the hard copy to reduce human interference and reduce or and eliminate crude corruption and improve ease of doing business.
3. It is a mandatory documentation process.
4. Introduction of the E Form M commenced November 22, 2012 but full implementation of the electronic Form M began December 06, 2012 during the era of President Goodluck Ebele Jonathan and Ngozi Okonjo Iweala as Finance Minister.
5. It is out in place by the Federal Government of Nigeria, Through the Federal Ministry of Finance (FMF) and Central Bank of Nigeria (CBN).
6. It exists to monitor goods that are being imported into the country.
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Written and posted by:
Shalewa Babatayo Ajenipa
New Media Executive
Valuehandlers International Limited
Skype: Valuehandlers
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