Section 8: Ascertainment of export price

(1) In relation to goods imported into Nigeria, the export price from the country in which the goods originated or from which they were exported shall be determined as provided for in this section.
(2)
If the goods are imported under a contract of sale which is a sale in the open market between buyer and seller independent of each other, and the Minister is satisfied as to that fact, as to the price on that sale and as to such other facts as are material for this purpose, the export price shall be the price on that sale subject to a deduction for the cost of insurance and freight from the port or place of export in the said country to the port or place of import, and for any other costs, charges or expenses incurred in respect of the goods after they left the port or place or export, except so far as any such costs, charges or expenses have to be met separately by the purchaser.
(3) If subsection (2) of this section does not apply, the Minister shall determine the export price by reference to such sale of the goods (or of any goods in which the first mentioned goods were incorporated) as he may select with such adjustments as may appear to him to be proper.