Business News

Nigeria Customs records 122% growth in revenue for Q1 at N1.3 trillion

The Nigeria Customs Service (NCS) reported that it generated over N1.3 trillion in revenue during the first quarter of 2024 representing an increase of 122.35% compared to the figure for last year.

The Comptroller General (C-G) of the NCS, Adewale Adeniyi, shared these figures during a media briefing in Abuja on Wednesday to highlight the organization’s performance in the initial quarter of 2024.

Furthermore, the C.G detailed the revenue growth, citing a significant increase in January 2024 with N390.824 billion earned, marking a 95.6% rise from January 2023’s N199.81 billion.

He continued by noting the revenue growth rates for February and March 2024, which stood at 138.68% and 132.76% respectively when compared to the same months in 2023.

The C-G also mentioned that during this period, the service seized 572 items worth N10.59 billion in Duty Paid Value (DPV) and arrested 22 suspects.

He highlighted that rice was the most seized item, making up 39% of the total, followed by petroleum products at 26%, and motor vehicles and textiles at 9% and 6% respectively.

Adeniyi emphasized the service’s commitment to combating smuggling and addressing harassment of its personnel, outlining plans to enhance anti-smuggling efforts with tools like the Geographic Information System.

Adeniyi pointed out that despite a reduction in import transaction volumes in the first quarter, the customs service is making efforts to refine its trade procedures to eliminate inefficiencies and enhance operations at ports, facilitating smoother trade activities.

He mentioned that the service encountered various operational issues, including non-compliance with trade regulations, infrastructural constraints, and notable variations in exchange rates used for clearing shipments.