The Nigeria Customs Service (NCS) has reached its 2024 revenue target of N5.1 trillion, surpassing expectations with over a month left in the fiscal year. Comptroller-General of Customs, Adewale Adeniyi, made the announcement during the opening of the 2024 Comptroller General Conference in Abuja on Wednesday.
Adeniyi revealed that the NCS achieved N5.07 trillion in revenue on November 12, 2024, at precisely 1:10 PM, marking a milestone in the agency’s performance. He noted that the service was on track to exceed the target by at least 10%, highlighting the impact of collaborative efforts in revenue collection and trade facilitation.
“This accomplishment goes beyond just numbers; it underscores the effectiveness of improved stakeholder collaboration, streamlined processes, and modernized systems in driving positive economic results for our country,” Adeniyi said.
The Comptroller-General further emphasized that the NCS’s modernization efforts continue to benefit stakeholders, with a focus on sustainable improvements. Notable reforms include the successful implementation of the Authorised Economic Operators (AEO) scheme, which has seen six beneficiaries in its pilot phase. Additionally, the NCS has introduced an advanced ruling system, processing 31 requests with 12 rulings issued as of October.
Adeniyi also pointed to the significant success of 24-hour cargo clearance at major ports, which has contributed to reducing dwell time. The completion of Nigeria’s first-time release study has provided valuable data to further enhance the service’s efficiency, while risk management systems and non-intrusive inspection equipment have sped up cargo processing while maintaining rigorous controls.
Furthermore, Adeniyi highlighted the NCS’s continued efforts in enforcement, with seizures worth N28.1 billion in 2024 alone. These seizures have included a variety of illicit goods, ranging from wildlife items and firearms to narcotics and counterfeit pharmaceuticals. A significant moment in the NCS’s enforcement strategy was the declaration of a state of emergency at major ports, which led to the interception of 48 containers containing illegal pharmaceutical products and narcotics.
The Customs service’s achievements in revenue generation, security, and trade facilitation have positioned it as a key player in Nigeria’s economic landscape.
