Customs plans to stabilize FX rate for imports.
The Nigeria Customs Service (NCS) has begun collaborating with the Central Bank of Nigeria (CBN) to stabilize the exchange rate for imports, as announced by Customs Comptroller-General Adewale Adeniyi during a recent press conference in Abuja marking his first year in office.
Adeniyi highlighted that the NCS achieved substantial revenue growth, reporting a 74% increase in collections, totaling N4.49 trillion between June 2023 and May 2024, compared to N2.58 trillion in the previous year. This surge was supported by a 70.13% rise in average monthly revenue collection, reaching N343 billion compared to N202 billion previously. Notably, revenue collection spiked by 122.35% in the first quarter of 2024 compared to the same period last year.
Key factors contributing to these gains included the recovery of N15 billion through the Revenue Review Performance Recovery exercise, N2.79 billion from the regularization of documents for uncustomed vehicles, and N1.5 billion from the decongestion of 1,705 overtime containers and 981 vehicles at ports.
Adeniyi emphasized the role of strategic deployment based on merit in achieving these results and highlighted the NCS’s efforts in trade facilitation, including port decongestion and reopening previously inaccessible access roads. He noted the NCS’s improvement in the Presidential Enabling Business Environment Council (PEBEC) rankings, moving up significantly in 2024 with a perfect score of 100%, reflecting an 81.5% increase from previous years.
The NCS also saw advancements in export facilitation, particularly through a dedicated terminal at the Lilypond Command, which processed 10,786 transactions in the first quarter of 2024, with a notable 29.32% processed via the export terminal.
Additionally, Adeniyi highlighted the NCS’s anti-smuggling efforts, resulting in significant interceptions and seizures, including 63 seizures related to animal and wildlife products valued at N566 million.
Overall, the NCS’s strategic reforms and operational improvements have significantly enhanced revenue generation and trade facilitation measures, positioning it as a key player in Nigeria’s economic landscape.
