The Nigeria customs service said it has processed over ₦196.94 trillion, in total trade value in 2024 which amounted to ₦70.50 trillion in 2023, representing a 179.3% increase.
Comptroller-General Of Customs, Bashir Adewale Adeniyi, disclosed this at a Press Briefing on the Activities of Nigeria Customs Service For The Year 2024.
He said the service was conscious to strike a balance between revenue collection and trade facilitation, which he said was evident in its commitments at the beginning of the year and also served as a milestone for gauging performance throughout 2024.
“The trade performance data for 2024 reflects significant growth in trade value despite global economic headwinds. The Service processed imports with a Cost, Insurance, and Freight (CIF) value of ₦60.29 trillion in 2024, representing a remarkable 117.4% increase from ₦27.74 trillion in 2023. This was achieved through 1,262,988 import transactions, handling a total mass of 15.35 billion kilograms. The higher value recorded despite an 8.2% decrease in transaction volume from the previous year’s 1,376,514 transactions indicates a shift towards higher-value goods in our import trade portfolio.
“Our export trade performance was equally impressive, with the total CIF value rising significantly to ₦136.65 trillion in 2024 from ₦42.77 trillion in 2023, marking a 219.5% increase. While the number of export transactions remained relatively stable at 38,199 compared to 38,294 in 2023, we witnessed a substantial increase in export volume, processing 12.35 billion kilograms in 2024 compared to 3.70 billion kilograms in 2023. This 234% increase in export mass, coupled with the higher value, indicates a robust growth in our export trade and suggests increasing competitiveness of Nigerian products in the international market.”
“The total trade value handled by the Service in 2024 amounted to ₦196.94 trillion, compared to ₦70.50 trillion in 2023, representing a 179.3% increase. This substantial growth in trade value, achieved with fewer but more valuable transactions, is evident of the increasing sophistication of Nigeria’s international trade and the effectiveness of our trade facilitation measures”.
The NCS Boss disclosed that the service adopted global best practices in trade facilitation, improve operational excellence, and enhance security.
He explained that the Service successfully implemented various measures to enhance operational efficiency through modern procedures enabled by the new NCS Act.
“Let me highlight some of our key achievements and their impacts:The Advanced Ruling system, launched in early 2024, represents a significant shift from post-arrival classifications to pre-arrival decisions, thereby reducing delays and disputes in the clearance process. Authorized Economic Operator (AEO) Programme has demonstrated significant improvements in cargo clearance times, with AEO-certified companies achieving an average release time of 43 hours, which is 5 hours better than the target clearance time of 48 hours. Time Release Study and International Partnerships. Technological Infrastructure Advancement. The early results have been encouraging, with the platform processing transactions resulting in an aggregate revenue collection of ₦31 billion as of December 2024. It is indeed gratifying to see how home-grown solutions are gradually enhancing our operational efficiency and ensuring seamless trade facilitation”
Adeniyi said the NSC will align it’s strategies with national economic objectives and the evolving global trading environment to deliver measurable impact in key areas.
“The Federal Government has set an ambitious revenue target of ₦6.58 trillion for the Service, a target that reflects both the government’s confidence in our capabilities and the expanding scope of our operations. We approach this challenge with determination, building on our achievements in 2024 and leveraging our enhanced capabilities.”
The CGC enjoined stakeholders, the trading community, partner government agencies, international partners, and the media to collaborate and support the Nigeria Customs Service in achieving its modernization agenda and objectives for 2025
Olusola Akintonde
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