Nigeria Customs Service Hits 5.07Tr 2024 Revenue Target

By Angel Ike

The Nigeria Customs Service (NCS) said it has met its 2024 revenue target, of N5.07 trillion as.at Tuesday, November 12, 2024.

NCS said the milestone reflects the Service’s ongoing dedication to trade facilitation and economic growth.

Comptroller General of Customs, Adewale.Adeniyi stated this at the 2024 Comptroller-General of Customs Conference in Abuja

He expressed pride in the NCS’s record-breaking achievement, noting that revenue collection surpassed the target by 10 percent. Themed “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.

Adeniyi said the revenue figure underscores the positive impact of stakeholder collaboration and modernised customs systems, which have both enhanced efficiency and transparency across the Service.

He outlined recent improvements following the NCS’s Continental Declaration of 2023, a commitment to revolutionise customs processes through digital transformation. Major reforms have included rolling out a 24-hours cargo clearance initiative at key ports, launching a one-stop cargo alert system, and streamlining examination protocols.

He added that the Service has introduced the Authorized Economic Operator (AEO) scheme, selecting initial participants who have demonstrated exceptional compliance with customs regulations”. He stated.

Adeniyi emphasised Nigeria’s advancing role in African trade integration, announcing the country’s first successful shipment under the African Continental Free Trade Area (AfCFTA) agreement. noting 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, “Our commitment to trade facilitation has contributed to this improved standard and strengthens our position in regional trade.”

In enforcement efforts, CGC highlighted the NCS’s robust enforcement measures, which have been instrumental in protecting Nigeria’s borders and economy. This year, the Service intercepted illicit goods valued at NGN 28.1 billion. A key initiative, “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.

“Our 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,” he noted.

Adeniyi pledged to continue efforts toward trade facilitation, enforcement, and international collaboration, positioning Nigeria for a more robust economic future