Vanguard reports Nigeria is set to dump the FOB (Free On Board)  method of importing goods into the country for the CIF (Cost, Insurance and Freight) method. The difference is that the FOB method involves the buyer being responsible for payment of insurance of the goods that is being shipped as well as the actual shipping of the goods. The CIF method is the reverse as the seller is responsible for the insurance of the goods being shipped and who ships. As the excerpt from the article here opines, no date yet has been fixed for this.

Disclosing the position of the federal government to Vanguard in Houston, Texas at the ongoing Offshore Technology Conference (OTC), Leke Oyewole, Special Adviser to President Goodluck Jonathan, said work has been completed on the document for the change in policy so as to help indigenous operators.

Oyewole explained that a document to that effect has been completed and inputs from Ministries made.

According to him, all that is left now is for the Economic Management Team (EMT) to take a finally look at it before it returns to the President for it to be signed into law.

“The EMT always have a long list of issue to attend to, they were to have that meeting last month but it was not possible because of reasons but I can tell you that within this month, most likely it will be discussed and when it is discussed and it is agreed at that level, then it will be left to the President to just sign. Once he signs, it becomes an order.” Vanguard

Foreign trade: FG to change from FOB to CIF