INDUSTRIAL INSPECTORATE ACT

An Act establishes the Industrial Inspectorate Division to assess and certify the value of industrial equipment. It targets manufacturers importing machinery and customs authorities for accurate duty assessments. This prevents fraud and supports investment tracking.

What Is This Policy?

An Act establishing the Industrial Inspectorate Division within the Ministry of Finance to assess and certify the value of industrial plant, machinery, and equipment for customs and investment purposes.

Who Does It Target?

Manufacturers importing plant and machinery Investment companies claiming capital allowances Customs authorities assessing plant values The Industrial Inspectorate Division of the Ministry of Finance

What Does It Aim to Achieve?

Provide an independent valuation service for industrial equipment to ensure correct assessment of customs duties, prevent undervaluation fraud, and support industrial investment tracking.

Key Features

Valuation Service: Industrial Inspectorate provides official valuation of industrial plant and machinery. Customs Support: Valuations assist Nigeria Customs Service in assessing correct import duties on industrial equipment. Investment Tracking: Maintains records of industrial investments across Nigeria to support economic planning. Certification: Issues valuation certificates that are binding for customs and tax purposes.

Current Status

Rollout Stage: Active Coverage: Nationwide industrial sector Beneficiaries: Government revenue; industrial investors; customs system Funding: Federal Government

How to Access

Importers of industrial plant must have equipment valued by the Inspectorate Request valuation before customs clearance of major plant imports Provide full technical specifications and invoices for valuation Application method: Apply to the Industrial Inspectorate Division, Federal Ministry of Finance.

Important Terms

Undervaluing industrial imports to reduce customs duties constitutes fraud Inspectorate valuation takes precedence over commercial invoice values Certificate of valuation is required for capital allowance claims with FIRS

Official Resources

Website: https://www.finance.gov.ng Contact: Federal Ministry of Finance — Industrial Inspectorate Division

Legal Framework

Enacted under the legislative authority of the National Assembly pursuant to Section 4 of the 1999 Constitution. Operates within the framework of the Ministry of Finance (Incorporation) Act, the Companies and Allied Matters Act 2020, and the Nigerian Investment Promotion Commission Act, as part of Nigeria's industrial regulatory architecture.