Nigeria Customs Achieves Remarkable Revenue Growth, Hits N1.3 Trillion in Q1
The Nigeria Customs Service (NCS) has announced a significant milestone in revenue generation, reporting a remarkable 122.35% growth compared to the same period last year, with a total revenue of over N1.3 trillion in the first quarter of 2024.
During a media briefing held in Abuja on Wednesday, the Comptroller General (C-G) of the NCS, Adewale Adeniyi, provided insights into the organization’s stellar performance in the initial quarter of 2024.
Adeniyi stated, “The total revenue collected during this period amounted to N1,347,675,608,972.75.” He further elaborated on the substantial growth, highlighting that this revenue surge marked a remarkable 122.35% increase compared to the N606.12 billion collected during the same period last year.
Breaking down the revenue growth, Adeniyi revealed that January 2024 saw a revenue of N390.824 billion, marking a significant 95.6% rise from January 2023’s figure of N199.81 billion. February and March 2024 also showed impressive growth rates of 138.68% and 132.76%, respectively, compared to the corresponding months in 2023.
The C-G also discussed the NCS’s operations regarding seized goods, noting the seizure of 572 items worth N10.59 billion in Duty Paid Value (DPV) and the arrest of 22 suspects during the period. Rice constituted 39% of the seized items, followed by petroleum products (26%), motor vehicles (9%), and textiles (6%).
Emphasizing the NCS’s commitment to combating smuggling and ensuring personnel safety, Adeniyi outlined plans to leverage advanced technologies like the Geographic Information System (GIS) to enhance anti-smuggling efforts. He explained, “One notable initiative is the integration of geospatial technology alongside the utilization of satellite imagery and Artificial Intelligence tools and techniques.”
Adeniyi also addressed challenges faced by the customs service, including non-compliance with trade regulations, infrastructural constraints, and currency exchange rate variations affecting import transactions.
Despite these challenges, the NCS remains dedicated to refining trade procedures, eliminating inefficiencies, and bolstering operational efficiency at ports to facilitate smoother trade activities.
The remarkable revenue growth reflects the NCS’s strategic initiatives and operational effectiveness in revenue collection and anti-smuggling efforts, setting a positive trajectory for Nigeria’s economic outlook.
