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Customs achieves record revenue collection in first quarter of 2024

Impressive Growth Trajectory Marked by Surge in Seizures and Trade Facilitation Initiatives Amidst Challenges

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The Nigeria Customs Service (NCS) has announced a remarkable performance in revenue collection during the first quarter of 2024, demonstrating substantial growth compared to the same period last year. Total revenue collected soared to NGN 1,347,675,608,972.75, marking a significant increase of 122.35%.

Breaking down the figures, January witnessed a surge of 95.60% in revenue collection, followed by an astounding 138.68% growth in February and a commendable 132.76% rise in March, reflecting the NCS’s impressive growth trajectory month by month.

In addition to revenue collection, the NCS recorded a total of 572 seizures valued at NGN 10,593,099,654.50 in Duty Paid Value (DPV) during the quarter. Notably, rice constituted 39% of the seizures, emphasizing the Service’s vigilance in combating illicit activities.

Despite facing systemic challenges, including non-compliance, infrastructure limitations, and fluctuations in exchange rates, the NCS remains resolute in its commitment to facilitating trade and upholding the rule of law. The Service has implemented various measures, including the integration of geospatial technology and the launch of the NCS Customs Analytical Laboratory, to enhance enforcement capabilities and ensure compliance with customs regulations.

Moreover, the NCS is actively engaging stakeholders from both the private and public sectors to advance trade facilitation efforts, exemplified by initiatives such as the Authorized Economic Operators (AEO) program and the Advanced Rulings mechanism.

Looking ahead, the NCS reaffirms its dedication to supporting the 8-point agenda of the President Tinubu-led administration and contributing to Nigeria’s economic development. Despite challenges, the Service remains committed to fostering transparency, accountability, and efficiency in all its operations, ensuring a seamless customs experience for all stakeholders.

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