The Nigeria Customs Service (NCS) has once again recorded unprecedented performance in revenue collection for 2024.
The Service collected a total sum of ₦6,105,315,543,489.50, surpassing its target of ₦5,079,069,866,085.50 by ₦1,026,245,677,404.00, representing a 20.2 percent increase above the target.
This remarkable achievement signifies a 90.4 percent increase from its 2023 collection of ₦3,206,583,002,675.65.
The Comptroller-General of Customs, Bashir Adewale Adeniyi, announced this on Tuesday during a press briefing on the Service’s 2024 activities at the NCS corporate headquarters in Maitama, Abuja.
“The growth is historic as it marks the highest year-on-year increase recorded by the Service in recent times, surpassing the 52.24 percent growth recorded in 2022 by 38.18 percentage points. Additionally, the Service achieved another milestone in October 2024 by recording the highest monthly collection ever of ₦603,171,859,991.97,” CGC Adeniyi stated.
The total revenue collected for 2024 comprises three main components: ₦3,657,063,981,445.40 was remitted into the Federation Account, including Import Duty, Excise Duty, Fees, E-Auction proceeds, and CET Levy; ₦816,902,844,844.73 was collected as Non-Federation Account Levies; and ₦1,631,348,717,199.35 was collected as VAT on imports.
Adeniyi explained, “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 included ₦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.”
He noted that 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 results from 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,” Adeniyi added.
Adeniyi emphasized that despite the impressive revenue performance, the NCS maintained a balance between revenue collection and trade facilitation. Significant strides were made in modernizing operations and improving service delivery.
In 2024, the NCS processed imports with a Cost, Insurance, and Freight (CIF) value of ₦60.29 trillion, a 117.4 percent 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, despite an 8.2 percent decrease in transaction volume, indicates a shift towards higher-value goods in Nigeria’s import trade portfolio.
The export trade performance was equally impressive, with the total CIF value rising to ₦136.65 trillion in 2024 from ₦42.77 trillion in 2023, marking a 219.5 percent increase. Export volume increased significantly to 12.35 billion kilograms in 2024 from 3.70 billion kilograms in 2023, a 234 percent rise.
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“This robust growth in export trade indicates increasing competitiveness of Nigerian products in the international market,” Adeniyi said.
The total trade value handled by the Service in 2024 amounted to ₦196.94 trillion, compared to ₦70.50 trillion in 2023, a 179.3 percent increase. This growth, achieved with fewer but more valuable transactions, reflects the increasing sophistication of Nigeria’s international trade and the effectiveness of NCS’s trade facilitation measures.
Adeniyi concluded by highlighting the NCS’s progress in adopting global best practices, improving operational excellence, and enhancing security. The Service implemented modern procedures under the new NCS Act, significantly boosting efficiency and trade facilitation.