NCS Launches Fast Track 2.0 To Reward Compliance

The Nigeria Customs Service, in collaboration with the World Bank’s Accelerating Revenue Mobilization Reforms Program (ARMOR), has initiated the implementation of Fast Track 2.0 (FT 2.0), as a successor to the Fast Track Regime.

Lovetvnews Nigeria reports that the new system aims to reward compliance and facilitate trade by granting admission to traders based on their adherence to regulations and their contributions to trade activities in Nigeria.

The introduction of Fast Track 2.0 by the Nigeria Customs Service seeks to streamline trade processes, encourage compliance, and establish a more efficient and beneficial trading environment for traders.

This Online News Medium gathered that once fully operational, FT 2.0 is expected to incentivize traders to comply with Customs regulations and rules. Notably, one of its primary benefits is the potential for substantial cost reductions associated with cargo handling and demurrage fees at the ports.

Traders interested in utilizing this facility can access detailed information and apply through the website www.fasttrack.nigeriatradehub.gov.ng. Existing traders currently utilizing the old Fast Track system are advised to transition to the new Fast Track 2.0 (FT 2.0) by submitting an application.