Section 74: Residual value

1 Where the customs value of the imported goods cannot be determined under the provisions of sections 70-73 of this Act, the customs value shall be determined using reasonable means consistent with the principles and general provisions of relevant international convention on implementation of Article VII of General Agreement on Tariff and Trade 1994 and on the basis of data available in Nigeria.

2 Customs value shall not be determined under the provisions of this section on the basis of -
a the selling price in Nigeria of goods produced in Nigeria;
b a system which provides for the acceptance for customs purposes of the higher of two alternative values;
c the price of goods on the domestic market of the country of exportation;
d the cost of production other than computed value which have been determined for identical or similar goods in accordance with the provisions of sections 70 and 71 of this Act;
e the price of goods for export to a country other than Nigeria;
f minimum customs values; or
g arbitrary or fictitious values.

3 Where the declarant so requests, the declarant shall be informed in writing of the customs value determined under the provisions of this section and the method used to determine the value.