Hello All,

As the current local cost of Palm Stearine has skyrocketed - PZ/Wilmar(N350K/MT) and Slabmark (N300K/MT) - from about N220K/MT just 3 months ago, do any one know the cost of duty if we try to import Palm Stearine ourselves? I have received various quotes and the international prices are between $600 and $800 per MT on CIF to Apapa but I am not really sure on the cost of Duty.

Please do any one have an idea on the duty costs on Palm Stearine?

Also, if you know any other local suppliers of Palm Stearine or Tallow at reasonable prices, I will really appreciate it.

Thanks!!!

Hi

Check the Nigerian customs website and search the item to get the hscode that will show cet,duty rate and vat

But looking at the figures u quoted for local prices, will advise u to go ahead and buy locally at 300, and even stock up because local prices might increase further from ur analysis of cif prices ,

It's will be higher to import than 300/ tonne u are complaining about if you factor exchange rate at 300 ,duty and clearing expenses of about 25 % subject to confirmation ,note that most manufacturer brings in things with both blackmarket rate and official rate when available. But to get official is getting more difficult, I have lc that have been in the banks for 3 to 4 month, no official forex
Also blackmarket rate is on the rise lately

My advise as someone that imports a lot and manufacture a lot too in Nigeria

Cheers

Thanks a lot. I have checked the custom website and the duty is 5% and let's assume that the VAT is 10%

At official rates it makes sense but at black market rate it won't add up.

I work on this. Thanks a lot