The Federal Government has commended the Nigeria Customs Service (NCS) for exceeding its 2024 revenue target of ₦5.07 trillion, collecting ₦ 5,079,455,088,194.38 with less than a month remaining in the fiscal year.
President Bola Tinubu who gave the commendation on Wednesday at the 2024 Comptroller-General of Customs Conference (CGC’s Conference 2024) in Abuja said the Nigeria Customs Service has shown remarkable progress in revenue generation, enhancing the government’s capacity to fund critical national development projects.
President Tinubu, who was represented by the National Security Adviser, Malam Nuhu Ribadu said the confidence in Nigeria’s economy is reflected in the significant surge in foreign direct investments.
“In less than two years in office, my administration has received over $30 billion in commitments from foreign investors.
“This achievement demonstrates that our policies yield positive results, making Nigeria increasingly attractive for domestic and international investors.
“More importantly, these improvements create new opportunities for Nigerian businesses to participate more actively in global trade,” the President stated.
He noted that the results of initiatives across the Service’s core mandates have been encouraging as the Customs is strengthening Nigeria’s position as a trade-friendly nation through strategic reforms, particularly in export promotion and port efficiency.
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This, the President observed has contributed significantly to the improved global ranking and ease of doing business, adding that the Service has also demonstrated that effective trade facilitation can coexist with robust regulatory compliance, as evidenced by its enhanced border security and anti-smuggling operations.
“These achievements affirm our administration’s belief that public institutions can effectively drive transformative change when adequately aligned with national objectives,” President Tinubu stated.
President Tinubu asserted that when he assumed office last year, he set out with a clear and unwavering vision to strengthen Nigeria’s economic base and deliver positive growth and development for the benefit of all, and 18 months later, the vision has remained unchanged.
In pursuing this vision, he said his administration has built upon existing foundations while introducing necessary reforms to adapt to the evolving economic realities, stressing that the focus has been on “strengthening what works, refining what needs improvement, and introducing new initiatives where gaps exist”.
He added, “We recognised that specific economic policies, though useful in their time, needed to be realigned with current global economic dynamics to better serve our national interests and the well-being of our people.
“We pursued this vision and embarked on bold and necessary economic reforms. Working with expert advice and carefully considering our unique circumstances, we implemented strategic policy adjustments to strengthen our economy.
“Removing fuel subsidies and unifying our exchange rate system were crucial steps toward building a more transparent and sustainable economic framework.
“While these decisions required short-term adjustments from all Nigerians, they were essential to redirect our resources toward productive investments that will yield long-term benefits for our people.
“These reforms have already shown positive results, setting the stage for sustainable economic growth and improved prosperity for all Nigerians.
“Building on these foundational reforms, we have expanded our focus to strengthen Nigeria’s global trade and investment position.
“Through strategic initiatives, we are enhancing trade facilitation, modernising our port infrastructure, and streamlining business processes to reduce trade barriers.
“Our commitment to creating an enabling business environment has resonated with the international investment community”.
President Tinubu said central to the success of these economic initiatives is the role of strategic institutions and their dedicated personnel as the administration’s vision required government agencies to proactively align their statutory responsibilities with the broader national economic objectives.
He stressed that agencies needed to demonstrate initiative in identifying opportunities within their mandates that would best serve and advance our national aspirations.
Commending the Nigeria Customs Service, he said, “I am pleased to note that the Nigeria Customs Service is one of the agencies that has risen to this expectation, demonstrating how government institutions can effectively contribute to our economic transformation agenda while fulfilling their core mandates.
This alignment is demonstrated in the Service’s comprehensive modernisation agenda. Responding to our administration’s call for enhanced trade facilitation and economic growth, the Service has introduced significant reforms, including the Advanced Ruling system and the Authorised Economic Operator Programme.
These initiatives align with global best practices and show how agencies can innovatively implement solutions that advance our national economic objectives while meeting international standards.
Such reforms enhance trade facilitation and create a more predictable business environment that supports our broader financial goals”.
Tinubu said international partners and stakeholders’ participation at the conference exemplifies the global dimension of the Nigeria’s reform agenda.
As Africa’s largest economy, he stated that Nigeria is determined to deepen its integration into global value chains and strengthen its position as a reliable trading partner as its commitment to sustainable economic reforms, trade facilitation, and creating an enabling business environment is firm and irreversible.
According to the President, Nigeria sees its international partnerships as crucial catalysts in the journey towards becoming a more competitive player in global trade, particularly as the nation positions itself to harness the opportunities presented by expanding regional and continental markets.
The Comptroller-General of Customs, Bashir Adewale Adeniyi said the theme of the conference, “NCS Engaging Traditional and New Partners with Purpose,” reflects the administration’s broader vision of fostering strategic partnerships and collaborative approaches to governance and economic management.
He noted that it acknowledges that sustainable progress in today’s interconnected global economy requires strengthen existing alliances while building new ones, always guided by clear purpose and shared objectives.
Announcing the Service’s accomplishment, Adeniyi said, “I am pleased to announce that yesterday 12 November 2024, at exactly 13:10 Hrs, the Nigeria Customs Service hit its 2024 revenue target of NGN 5.07 trillion, collecting NGN 5,079,455,088,194.38 with more than a month remaining in the fiscal year.
“This exceptional performance – projected to exceed our target by 10% – validates our partnership-driven approach to revenue collection and trade facilitation”.
CGC Adeniyi pointed out the significant internal challenge, which must be addressed transparently, the unprecedented rate of leadership transitions within the Service.
“The statistics tell a compelling story: we saw 60% of our management team exit in 2022, 36% in 2023, and this year, we will experience a 76% change in our management composition.
With projections indicating another 40% of our management staff retiring in 2024, we recognize the urgent need for strategic intervention.
“In response, we have launched an ambitious Human Resource Development Plan that addresses both immediate and long-term needs.
“This includes accelerated career progression opportunities for deserving officers, ensuring that talent and dedication are appropriately rewarded.
“Most significantly, we are making a historic investment in human capital infrastructure through the establishment of a Customs University – a testament to our commitment to building a knowledge-driven service.
These initiatives, aligned with the World Customs Organization’s focus on youth leadership development, complement our comprehensive talent management program that identifies and prepares promising officers for leadership roles, ensuring the Service’s continued stability and effectiveness.”
The World Trade Organisation (WTO) Director General, Dr. Ngozi Okonjo-Iweala advised the Federal Government to reduce the number of agencies at the nation’s seaports to enhance speedy clearance of goods.
She gave three areas of reforms at the ports which the country should focus on as risk management, predictability of tariffs and better coordination and inspection.
