Nigeria Customs Service Records 5.07tr As 2024 Revenue
Nigeria Customs Service Records 5.07tr As 2024 Revenue
By Asuquo Nuwak
… Surpasses revenue target by 10%
…As CGC Adeniyi pledges stronger partnerships to enhance trade facilitation
The Nigeria Customs Service (NCS) has achieved its 2024 revenue target, by collecting N5.07 trillion with over a month left in the fiscal year. This milestone reflects the service’s ongoing dedication to trade facilitation and economic growth.
In his presentation at the 2024 Comptroller-General of Customs Conference in Abuja on Wednesday 13 November, CGC Adeniyi, expressed great pleasure in the NCS’s record-breaking achievement, adding that revenue collection surpassed the target by 10 percent.
The theme: “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose,” the conference gathered stakeholders from various sectors to explore ways of strengthening customs operations through collaboration.
According to CGC Adeniyi, this revenue figure underscores the positive impact of stakeholder collaboration and modernised customs systems, which have enhanced efficiency and transparency across the service.
He added that, this accomplishment aligns with President Bola Ahmed Tinubu’s economic transformation agenda and showcases their commitment to a transparent and efficient customs system.
He attributed the recent improvements to the NCS’s Continental Declaration of 2023, a commitment to revolutionise customs processes through digital transformation, which major reforms have included rolling out a 24-hour cargo clearance initiative at key ports, launching a one-stop cargo alert system, and streamlining examination protocols.
In addition to this, he said the service has introduced the Authorized Economic Operator (AEO) scheme, selecting initial participants who have demonstrated exceptional compliance with customs regulations.
CGC Adeniyi revealed Nigeria’s advancing role in African trade integration, announcing the country’s first successful shipment under the African Continental Free Trade Area (AfCFTA) agreement.
He noted that the NCS’s commitment to facilitating trade led to Nigeria’s improved ranking on the Presidential Enabling Business Environment Council (PEBEC) index, where the Service rose by 33 places, now ranked among the top five agencies for trade facilitation.
He said the service commitment to trade facilitation has contributed to this improved standard and strengthens their position in regional trade.
In the area of enforcement, the CGC highlighted the NCS’s robust enforcement measures, which have been instrumental in protecting Nigeria’s borders and economy. He noted that, this year, the service intercepted illicit goods valued at NGN 28.1 billion.
He noted a key initiative, such as “Operation Whirlwind,” in collaboration with the Office of the National Security Adviser and the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has specifically targeted the smuggling of petroleum products, preserving Nigeria’s resources and economic interests.
He said the enforcement strategy, which includes a state of emergency declared at major ports, has been effective in intercepting a wide range of illegal goods, from narcotics to counterfeit pharmaceuticals.
As the NCS wraps up 2024 conference with historic revenue and strengthened partnerships, CGC Adeniyi pledged to continue in their efforts toward trade facilitation, enforcement, and international collaboration and positioning Nigeria for a more robust economic future.
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