The Nigeria Customs Service (NCS) has set a new revenue record, collecting a total of ₦6.1 trillion in 2024, surpassing its projected target of ₦5 trillion by a significant ₦1 trillion. This achievement marks a 20.2% increase above the target and a remarkable 90.4% growth from the ₦3.2 trillion collected in 2023.
Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, disclosed this at a press briefing in Abuja on Tuesday. He described the feat as historic, noting that it reflects the Service’s commitment to optimizing revenue collection and supporting Nigeria’s economic development.
“This achievement is unprecedented in the history of the Nigeria Customs Service. The 90.4% year-on-year growth surpasses the previous record of 52.24% growth in 2022 by 38.18 percentage points,” Adeniyi stated.
Providing a breakdown of the ₦6.1 trillion revenue, Adeniyi highlighted three major components:
Federation Account Collections ₦3.65 trillion, covering import duties, excise duties, fees, e-auction proceeds, and CET levy. Non-Federation Account Levies, ₦816.9 billion, generated from various levies. Value Added Tax (VAT) on Imports ₦1.63 trillion.
Despite these impressive figures, the CGC noted that the Service granted significant concessions to stimulate economic growth. These concessions totaled ₦1.68 trillion, covering import duty waivers, levy concessions, and VAT reliefs.
“These concessions were necessary to support key sectors of the economy. However, we ensured stricter monitoring to prevent abuse, resulting in a reduction of concessions granted compared to ₦3.9 trillion in 2023,” he explained.
The CGC also revealed that trade performance data for 2024 showed significant growth. The NCS processed imports valued at ₦60.29 trillion, a 117.4% increase from ₦27.74 trillion in 2023.
In terms of exports, Nigeria recorded a total CIF (Cost, Insurance, and Freight) value of ₦136.65 trillion in 2024, marking a 219.5% increase from ₦42.77 trillion in 2023.
“Export volume grew by 234%, from 3.70 billion kilogrammes in 2023 to 12.35 billion kilogrammes in 2024. This indicates a growing competitiveness of Nigerian products in the international market,” Adeniyi said.
The total trade value handled by the NCS in 2024 amounted to ₦196.94 trillion, representing a 179.3% increase from ₦70.50 trillion in 2023.
Adeniyi attributed this growth to the ongoing modernization efforts within the Service, aimed at enhancing efficiency and trade facilitation.
“Our focus is not just on revenue collection but also on making Nigeria a competitive hub for international trade. We remain committed to balancing revenue generation with trade facilitation,” he added.
The CGC credited the achievements to the alignment of the NCS’s strategies with the policy direction of President Bola Ahmed Tinubu’s administration, under the supervision of the Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun.
“This success is a testament to the leadership and support we have received from the government, our management team, and the entire Customs staff. It shows that Nigeria can achieve great things with the right policies and commitment to excellence,” Adeniyi concluded.
Another milestone recorded by the NCS was in October 2024, when it achieved its highest-ever monthly revenue collection of ₦603.17 billion.
Adeniyi emphasized that these achievements demonstrate the effectiveness of the NCS’s reforms and its commitment to driving economic growth.
“Moving forward, we will continue to explore innovative ways to increase revenue, facilitate trade, and support the economic agenda of the government,” he assured.
The NCS’s performance in 2024 positions it as a key contributor to Nigeria’s economic stability, with its efforts expected to further strengthen the country’s trade and revenue base in the coming years.
