Single Goods Declaration Form (SGD Form C.2010) marked “Manufacture-in-Bond Scheme” shall be used for the clearance of goods under the scheme.Repatriation of the foreign exchange realized from the transaction shall be confirmed by the Central Bank of Nigeria before the Bond is discharged.The extension of the Bond shall not exceed three months. In the event of inability to any manufacturer to fulfill the conditions stipulated in the Bond, the manufacturer should apply to the Nigeria Customs Service through the approved guarantor for an extension of the Bond particularly when the life of the Bond has expired.The Nigeria Customs Service will periodically monitor the utilizations of raw materials imported under this scheme until the Bond is fully executed.The Bond, which shall be effective from the date of its issuance by the Bank, shall be discharged when the conditions stipulated therein have been fulfilled.For prohibited items, however, the scheme shall operate on Import-by-Import basis. The Manufacture-in-Bond Scheme shall operate on annual 12 calendar months importation basis as the exporter wishes.CKD and intermediate inputs whether prohibited or not for the manufacturer or export goods. Under this scheme manufacturers of export commodities will be entitled to import duty-free raw material inputs.The Nigeria Customs Service will determine acceptable guarantee Bond issued by Commercial or Merchant Banks or NEXIM or Insurance Companies covering not less than 110 per cent customs duty payable on each consignment.Approval including the Import Requirement Certificate (IRC) should be obtained within a period of two months and transmitted to the Nigeria Customs Service for implementation.
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The Bond will be discharged after evidence of exportation and repatriation of foreign proceed has been produced.
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This scheme is designed to encourage manufacturers to import duty free raw material inputs and other intermediate products whether prohibited or not for the production of goods for export, backed by a Bond issued by any recognized Commercial Bank, Merchant Bank, Insurance Company or Nigerian Export-Import (NEXIM) Bank. Manufacture – in – Bond Scheme (MIBS): Definition