Section 70: Transaction value of identical goods

1 Where the customs value of goods cannot be determined under the provisions of section 69 of this Act, the customs value shall be the transaction value of identical goods sold for export to Nigeria and exported at or about the same time as the goods being valued.

2 In the application of the provision of this section, the transaction value of identical goods in a sale at the same commercial level and in substantially the same quantity as the goods being valued shall be used to determine the customs value and where no such sale is found, the transaction value of identical goods sold at a different commercial level or in different quantities, adjusted to take account of differences attributable to commercial level or to quantity, shall be used, provided that such adjustment can be made on the basis of demonstrated evidence which clearly establishes the reasonableness and accuracy of the adjustment, whether the adjustment leads to an increase or a decrease in the value.

3 Where more than one transaction value of identical goods is found, the lowest of such value shall be used to determine the customs value of the imported goods.

4 In determining customs value under this section, the addition to transaction value authorised by section 69 (10) of this Act shall be taken into account.