The Nigeria Customs Service (NCS) has announced a record-breaking revenue collection of ₦6.1 trillion in 2024, surpassing its ₦5.08 trillion target by ₦1.03 trillion.
This revenue marks a significant leap of 90.4% compared to the ₦3.2 trillion that was collected in 2023, setting a new milestone in the Service’s history.
The Comptroller-General of Customs, Adewale Adeniyi, disclosed the details at a press briefing in Abuja on Tuesday, attributing the achievement to a combination of policy reforms, operational improvements, and a deliberate effort to enhance revenue collection processes.
According to him, the Service implemented various strategies aimed at addressing loopholes in the system, improving trade facilitation, and curbing revenue leakages.
He informed that the 2024 revenue is comprised of ₦3.66 trillion from the Federation Account, ₦816.9 billion from non-federation levies, and ₦1.63 trillion from Value Added Tax (VAT) on imports.
Notably, he informed that the NCS granted concessions worth ₦1.68 trillion during the year, a substantial decrease of 57.5% compared to the ₦3.96 trillion in concessions granted in 2023. This reduction, Adeniyi noted, reflects tighter monitoring of exemptions and incentives granted to businesses.
Trade data for the year also highlighted the Service’s growing role in facilitating commerce. Import transactions handled by the Customs amounted to ₦60.29 trillion, representing a 117.4% increase compared to the previous year.
One of the key factors driving the improved revenue performance was the deployment of innovative tools and systems. Adeniyi highlighted the introduction of the Advanced Ruling System, which provides clarity on tariff classification and valuation before goods arrive in the country.
He said the Authorized Economic Operator (AEO) programme also gained traction, offering compliant traders expedited clearance processes. Additionally, he said the NCS piloted an indigenous customs clearance platform, codenamed ‘B’Odogwu,’ at the Ports and Terminal Multipurpose Limited (PTML) Command. This platform processed transactions generating ₦31 billion in revenue by year-end, showcasing its potential for broader deployment.
In the area of anti-smuggling operations, the NCS recorded significant successes in 2024, seizing 3,555 contraband items with a combined duty-paid value of ₦35.29 billion. The items intercepted included 900 firearms, 113,472 rounds of ammunition, and substantial quantities of narcotics. Adeniyi described the seizures as critical to safeguarding national security and combating organized crime.
While commending customs officers for their efforts, the Comptroller-General acknowledged the challenges the Service faced during the year. These included managing the complexities of trade in an increasingly globalized economy and balancing the need for revenue collection with trade facilitation.
Looking ahead, Adeniyi expressed optimism about sustaining the momentum into 2025, pointing to ongoing reforms and the anticipated rollout of more technology-driven solutions. He, however, noted that achieving further growth would require the continued cooperation of stakeholders, including importers, exporters, and clearing agents.
——-Records 117% Increase In Import Value In 2024——-
The Service (NCS) also said it recorded 117.4 per cent increase in import value in 2024.
Its Comptroller-General disclosed this while briefing newsmen on Tuesday in Abuja.
Adeniyi said that the service processed imports with a Cost, Insurance, and Freight (CIF) value of N60.29 trillion in 2024, representing a remarkable 117.4 per cent increase from N27.74 trillion in 2023.
He said that the feat was achieved through 1.262 million import transactions, handling a total mass of 15.35 billion kilogrammes.
“The higher value recorded despite an 8.2 per cent decrease in transaction volume from the previous year’s 1.376 million transactions indicates a shift towards higher-value goods in our import trade portfolio.
“Our export trade performance was equally impressive, with the total CIF value rising significantly to N136.65 trillion in 2024 from N42.77 trillion in 2023, marking a 219.5 per cent increase.
“ While the number of export transactions remained relatively stable at 38,199 compared to 38,294 in 2023, we witnessed a substantial increase in export volume, processing 12.35 billion kilogrammes in 2024 compared to 3.70 billion kilogrammes in 2023.
“This 234 per cent increase in export mass, coupled with the higher value, indicates a robust growth in our export trade and suggests increasing competitiveness of Nigerian products in the international market,“ he said.
According to Adeniyi, the trade value handled by the service in 2024 totaled N196.94 trillion, compared to N70.50 trillion in 2023, reflecting a 179.3 percent increase.
He said that the substantial growth in trade value, achieved with fewer but more valuable transactions, was evident of the increasing sophistication of Nigeria’s international trade and the effectiveness of its trade facilitation measures.
He said that in 2024, the NCS made progress in its technological infrastructure, including the pilot testing of its indigenously developed customs clearance platform, “B’Odogwu”.
He said that the progress was made possible with support from its concessionaires under the Trade Modernisation Project.
The customs boss said that another key milestone in 2024 was the commencement of its phased relocation to the new corporate headquarters, which began in the fourth quarter.
He said that the new headquarters was expected to be fully operational by the end of the first quarter of 2025.
According to him, the NCS has secured approval for the establishment of the Nigeria Customs Service University for Trade and Technology in Badagry, Lagos.
He said that it was part of efforts to enhance its operational efficiency and service delivery,
“This institution is envisioned to become a centre of excellence for customs and trade-related studies, contributing to capacity building in Nigeria and the West African region, “ he said.
