Section 72: Deduction value

1 Where the customs value of the imported goods cannot be determined under the provisions of sections 69 and 70 of this Act, the customs value shall be determined under the provisions of this section, or where not possible, under the provisions of section 74, except that at the request of the declarant, the order of application of this section and section 74 of this Act shall be reversed.

2 Subject to the provisions of this section, where the imported goods or identical or similar goods are sold in Nigeria in the condition imported, the customs value of the imported goods shall be based on the unit price at which the imported goods or identical or similar imported goods are sold in the greatest aggregate quantity, at or about the time of the importation of the goods being valued, to persons who are not related to the persons from whom the goods were bought, subject to deductions of the following -
a either the commissions usually paid or agreed to be paid or the additions usually made for profit and general expenses in connection with sales in such country of imported goods of the same class or kind;
b the usual cost of transport and insurance and associated costs incurred within the country of importation; and
c the customs duties and other Customs duties and charges payable in Nigeria by reason of the importation or sale of the goods.

3 Where neither the imported goods nor identical nor similar imported goods are sold at or about the time of importation of the goods being valued, the customs value shall, subject to the provisions of subsection (2), be based on the unit price at which the imported goods or identical or similar imported goods are sold in the country of importation in the condition as imported at the earliest date after the importation of the goods being valued but before the expiration of 90 days after the importation.

4 Where neither the imported goods nor identical nor similar imported goods are sold in Nigeria in the condition imported, then, if the declarant so requests, the customs value shall be based on the unit price at which the imported goods, after further processing, are sold in the greatest aggregate quantity to persons in Nigeria who are not related to the persons from whom such goods were bought, due allowance being made for the value added by the further processing and the deductions provided for in subsection (2).