GCECommerceTrade and Aids to Trade2021

A Lagos-based importer purchased goods worth $50,000 from a Chinese supplier. The agreed trade term is CIF Lagos. This means the Chinese supplier is responsible for paying

Aonly the cost of the goods at the factory gate
Bthe cost of goods, freight charges, and insurance up to Lagos portCORRECT
Cthe cost of goods and freight charges only, while the buyer pays insurance
Dall charges including import duties levied at Lagos port
AI
Toaster Teacher
Why the answer is B, and why the others tempt you.
CIF stands for Cost, Insurance, and Freight. Under this term, the seller bears the cost of the goods, the freight charges to the named destination port, and the insurance premium for the goods in transit. Import duties and other charges at the destination port remain the buyer's responsibility.
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