Customs collect record N6.1trn, exceeds 2024 revenue projection

Omeiza Bilal

The Nigeria Customs Service (NCS) has announced a record-breaking revenue collection of N6.105 trillion for 2024.

Comptroller-General of Customs, Adewale Adeniyi, who disclosed this at a press briefing Tuesday Abuja, said the amount represents a 90.4 per cent increase when compared to the N3.2 trillion generated in 2023.

Providing insights into its 2024 achievements, Adeniyi said enhanced trade facilitation and revenue collection strategies made the feat possible.

In its 2024 forecast, the NCS had projected a revenue target of N5.07 trillion.

He said, “The Nigerian Customs Service achieved an unprecedented revenue milestone in 2024, generating N6.105 trillion, which surpassed the N5.07 trillion target by 22%.

“It is pertinent to note that these collections were achieved despite significant concessions granted to support various sectors of the economy, totaling ₦1,682,302,648,880.67. These concessions comprised ₦723,000,081,776.68 in import duty waivers, ₦372,649,650,951.72 in other levy concessions, and ₦586,652,916,152.27 in import VAT relief.

“These strategic concessions were granted to stimulate economic growth, support industrial development, and enhance the overall business environment in line with government policy objectives.

“Notably, the 2024 concession value represents a significant reduction from the ₦3,959,868,268,993.18 recorded in 2023. This reduction is a direct result of our enhanced monitoring mechanisms and strategic reforms aimed at blocking loopholes and eliminating abuses in the concession granting process, ensuring that only genuine and qualifying enterprises benefit from these incentives.”

The CGC also noted that October 2024 was particularly significant, as the service recorded its highest monthly revenue remittance of N603 billion.

He said modernization agenda will continue to emphasize digital transformation and process automation.

“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,” he explained. The CGC further explained that expansion of Nigeria’s geo-spatial surveillance capabilities, integration of artificial intelligence in risk management, and enhancement of our data analytics capabilities will continue to help drive revenue target upwards.

“These technological advancements will be complemented by continued investments in human capital development and infrastructure improvement.

“We recognize that achieving these objectives requires the continued support of our stakeholders and the dedication of our officers. We are confident that with our enhanced capabilities, committed workforce, and the support of all stakeholders, we will not only meet but exceed expectations in 2025.

” As I conclude this briefing, I wish to express my profound gratitude to His Excellency, President Bola Ahmed Tinubu, GCFR, for his support and strategic guidance of the Service. Our appreciation also goes to the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, for his astute supervision and continued support of our initiatives.

“The achievements I have outlined today would not have been possible without the dedication and commitment of our officers and men across the country. Their resilience in the face of challenges and commitment to duty have been instrumental to our success. I want to assure all officers that the Service will continue to recognize and reward excellence, as deserving and outstanding officers will be acknowledged through our reward and recognition systems.

“At this moment, we solemnly remember our fallen heroes – officers who paid the ultimate price in service to our nation.

Their sacrifice in protecting our borders and economic interests will never be forgotten, and their families remain in our thoughts and prayers. Their dedication to duty inspires us to remain steadfast in our commitment to safeguarding our nation’s interests.

“To our stakeholders – the trading community, partner government agencies, international partners, and the media – your collaboration and support have been invaluable.