• Thu. Feb 13th, 2025

Nigeria Customs Service Surpasses Revenue Target, Records ₦6.1 Trillion in 2024

The Nigeria Customs Service (NCS) has achieved a historic milestone, collecting a record ₦6.1 trillion in revenue for 2024, surpassing its ₦5.08 trillion target by ₦1.03 trillion. This marks a significant leap of 90.4% compared to ₦3.2 trillion in 2023, setting a new high in the Service’s history.

At a press briefing in Abuja on January 14, 2025, Comptroller-General of Customs, Adewale Adeniyi, attributed the impressive achievement to a combination of strategic policy reforms, operational improvements, and a focused effort to enhance the revenue collection process. Adeniyi outlined the various initiatives implemented throughout the year, which addressed system loopholes, improved trade facilitation, and curbed revenue leakages.

The ₦6.1 trillion collected in 2024 is made up 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, the NCS reduced the amount of concessions granted to businesses by 57.5%, with ₦1.68 trillion in concessions in 2024 compared to ₦3.96 trillion in 2023. Adeniyi credited this reduction to stricter monitoring of exemptions and incentives.

A key factor in the growth of NCS revenue was the remarkable increase in import transactions. The service recorded imports valued at ₦60.29 trillion in 2024, a 117.4% increase from ₦27.74 trillion in 2023. This was achieved through 1.262 million import transactions, with a total weight of 15.35 billion kilograms, indicating a shift toward higher-value goods.

Exports also saw significant growth, with the total CIF (Cost, Insurance, and Freight) value rising to ₦136.65 trillion, a 219.5% increase from ₦42.77 trillion in 2023. While the number of export transactions remained stable, export volume grew by 234%, reaching 12.35 billion kilograms compared to 3.70 billion kilograms in 2023.

The NCS also recorded significant achievements in anti-smuggling operations, seizing 3,555 contraband items valued at ₦35.29 billion. These included firearms, ammunition, and narcotics, contributing to national security efforts.

Adeniyi highlighted the introduction of innovative tools such as the Advanced Ruling System and the Authorized Economic Operator (AEO) programme, which accelerated customs clearance for compliant traders. Additionally, the Service piloted the indigenous customs clearance platform “B’Odogwu,” which processed ₦31 billion in revenue.

Looking ahead, Adeniyi expressed optimism for continued growth in 2025, emphasizing the role of ongoing reforms and technology-driven solutions. He noted the importance of collaboration with stakeholders, including importers, exporters, and clearing agents, to sustain the momentum.

In another development, the NCS made progress in its infrastructure development, including the phased relocation to a new corporate headquarters, which is expected to be fully operational by the end of the first quarter of 2025. The Service has also received approval for the establishment of the Nigeria Customs Service University for Trade and Technology in Badagry, Lagos, which aims to enhance capacity building in Nigeria and the West African region.

In 2024, the NCS’s total trade value handled amounted to ₦196.94 trillion, a 179.3% increase from ₦70.50 trillion in 2023, underscoring the Service’s growing impact on Nigeria’s international trade landscape.

Adeniyi commended the efforts of NCS personnel and expressed confidence that these achievements would serve as a foundation for further growth and success in the coming years.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

Leave a Reply