
Mkpoikana Udoma
Port Harcourt — The Nigeria Customs Service, NCS, has reported a staggering total trade value of N196.94 trillion for 2024, representing a remarkable 179.3% increase from N70.50 trillion recorded in 2023.
The Comptroller-General of Customs Bashir Adewale Adeniyi who disclosed this during a press briefing, said exports accounted for N136.65 trillion of the total trade value, a 219.5% increase over 2023, with export volume rising by 234%.
Adeniyi said the Service generated N6.1trillion revenue in 202r and deployed indigenously developed digital platforms to automate its operations, noting that the platforms have not only improved efficiency but also enhanced the user experience for traders and other stakeholders.
“Despite focusing on trade facilitation, the NCS achieved a record revenue collection of N6.1 trillion in 2024, surpassing our N5.08 trillion target. This was accomplished through a more strategic approach to granting concessions. We reduced import duty waivers and VAT reliefs to N1.68 trillion in 2024, compared to N3.96 trillion in 2023. This has significantly improved our revenue collection without compromising trade facilitation.”
Adeniyi emphasized the importance of this achievement, stating, “This outcome is a testament to our collective efforts to implement measures that promote trade facilitation and enhance competitiveness in the global market.”
Key to the NCS’s success in 2024 were several modernization initiatives aimed at streamlining trade operations, Adeniyi highlighted the implementation of the Advanced Ruling System, which provides traders with binding decisions on tariff classifications and rules of origin.
This, he noted, has “eliminated uncertainty and delays in trade transactions, thereby fostering a more predictable and efficient trade environment.”
“Additionally, the Authorized Economic Operator program has proven instrumental in expediting cargo clearance processes. The AEO program is a cornerstone of our trade facilitation strategy, ensuring that compliant traders enjoy reduced clearance times and other benefits,” Adeniyi explained.
“The sharp increase in export trade value was driven by targeted efforts to reduce bottlenecks and improve monitoring of export operations. These reforms were essential in positioning Nigerian products competitively on the global stage. Our reforms have made it easier for businesses to access international markets, which is evident in the significant increase in export trade volume,” he said.
He added, “The global demand for Nigerian products is growing, and we are committed to sustaining this momentum by addressing challenges and ensuring smoother trade flows.”
Looking ahead, the Comptroller-General outlined plans to recruit more officers and further digitalize customs operations to enhance efficiency, and assured stakeholders of the Service’s commitment to continuous improvement, saying, “Our vision is to position Nigeria as a global trade hub where businesses can thrive and contribute meaningfully to the economy.”