The Nigeria Customs Service (NCS) said it generated N6.105 trillion in 2024, surpassing its revenue collection target for the year by 20.2 per cent.
The performance of the Service was driven by a 179.3 per cent rise in total value of trade processed to N196.94 billion in 2024 from N70.5 trillion in 2023.
The agency also disclosed that in 2024, it made 3,555 seizures with Duty Paid Value (DPV) of N35.29 billion.
The Comptroller-General of Customs (CGC), Mr. Adewale Adeniyi, disclosed this yesterday while briefing the press on the 2024 achievements of the organisation in Abuja.
He said, “The NCS has again recorded another unprecedented performance in revenue collection for the year 2024. The Service collected ¦ 6. 105 trillion, surpassing our target of ¦ 5.079 trillion by ¦ 1.026 trillion, representing a 20.2 percent increase above the target.
“This remarkable achievement represents a significant 90.4 percent increase from our 2023 collection of ¦ 3.206 trillion. The growth is historic as it marks the highest Year-on-Year increase recorded by the Service in recent times, surpassing the 52.24 percent growth recorded in 2022 by 38.18 percentage points.
“Additionally, the Service achieved another milestone in October 2024 by recording the highest monthly collection ever of ¦ 603. 171 billion.”
Details of the components of the revenue indicated that Federation Account Collections stood at N3.675 trillion; Non-Federation Account Levies, N816.902 billion; and Value Added Tax (VAT) proceeds of N1.631 trillion.
Adeniyi said that the revenue performance of the Customs last year was achieved despite significant concessions granted to support various sectors of the economy, totalling ¦ 1.682 trillion.
According to him, these achievements were made possible through Customs continuous alignment with the policy objectives of President Bola Tinubu, under the guidance of the Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, and the support of Management and the entire staff of Nigeria Customs Service.
Robust trade
On trade facilitation, the NCS boss revealed that the organisation processed imports with a Cost, Insurance, and Freight (CIF) value of ¦ 60.29 trillion in 2024, representing a remarkable 117.4% increase from ¦ 27.74 trillion in 2023.
“This was achieved through 1,262,988 import transactions, handling a total mass of 15.35 billion kilograms,” he said.
Adeniyi added, “Our export trade performance was equally impressive, with the total CIF value rising significantly to ¦ 136.65 trillion in 2024 from ¦ 42.77 trillion in 2023, marking a 219.5% 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 kilograms in 2024 compared to 3.70 billion kilograms in 2023.
“This 234% 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.
“The total trade value handled by the Service in 2024 amounted to ¦ 196.94 trillion, compared to ¦ 70.50 trillion in 2023, representing a 179.3% increase. This substantial growth in trade value, achieved with fewer but more valuable transactions, is evident of the increasing sophistication of Nigeria’s international trade and the effectiveness of our trade facilitation measures.”
Going forward, the CG said that his team would pay greater attention to the development and deployment of technology infrastructure, especially home-grown solutions to achieve greater efficiency.
The Service, he said, commenced pilot testing of its indigenously developed customs clearance platform with the support of our concessionaires under the Trade Modernisation Project, named ‘B’Odogwu’, in the fourth quarter of 2024, adding, “It is indeed gratifying to see how home-grown solutions are gradually enhancing our operational efficiency and ensuring seamless trade facilitation.”
Adeniyi said, “The truth is that trade has blossomed under President Tinubu,” and that his team was determined to make more gains on the past successes.
Seizures
On its anti-smuggling and enforcement efforts, Mr. Adeniyi said that the organisation made 3,555 seizures, including 900 arms and 113,472 rounds of ammunition in 2014, with Duty Paid Value (DPV) of seizures put at ¦ 35.29 billion.
“These seizures, with a Cost, Insurance, and Freight (CIF) value of ¦ 28.46 billion and total duty of ¦ 6.83 billion, highlights the scale of attempted economic sabotage prevented by the Service.”