‘Importers Save N100m In 4 Months With AEO’

The Nigeria Customs Service (NCS), on Wednesday, revealed that the Authorised Economic Operator (AEO) programme, which is still in its pilot phase, has saved importers, logistics operators and Small and Medium Enterprises (SMEs) N100 million in four months.

Disclosing this on Wednesday in Lagos during the AEO Pre-launch Stakeholder Engagement and Sensitisation on Post Clearance Audit and Advance Ruling, the Comptroller General of Customs, Bashir Adewale Adeniyi revealed that the official launch of the AEO program will come up on the 14th of February 2025.

The Customs CG who was represented by the assistant comptroller general of Customs,  Trade and Tariff, Kingsley Egwuh, said the AEO programme was a key component of the Service’s modernisation efforts.

“The AEO program is a key component of our Service’s modernisation efforts, designed to align Nigeria with global standards in trade facilitation and supply chain security. It reflects our dedication to fostering a seamless and efficient trading environment, promoting a trusted partnership between Customs and economic operators, fostering an environment of transparency, efficiency and mutual benefits.

“On the 15th of April 2024, we took a bold step by launching the pilot phase of the AEO programme, involving six pilot beneficiaries across diverse sectors including importers, logistics operators and small and medium-sized enterprises (SMEs). “Their participation in this groundbreaking initiative underscores the inclusivity and wide-reaching impact we aim to achieve.

RELATED

We’re Making Abia Farmers Globally Visible – Agric Firm

10 hours ago

Oil Prices Plunge 6% As Middle East Ceasefire Eases Supply Fears

13 hours ago

“This pilot provided us with valuable insights into the needs and expectations of stakeholders as we lay a solid foundation for the full implementation of the program. On the 2nd of September 2024, the Service commenced the administration of AEO benefits and I am pleased to share that the results have been remarkable. Over a four-months period, the beneficiaries have realised cost savings of approximately 100 million Naira.

“Truly, this is the ease of doing business in action. Beyond the financial impact, the program has also brought about a notable improvement in efficiency, streamlining processes and ensuring that goods move more swiftly and securely through the supply chain.

“Complementary initiatives such as Advance Ruling and Post-Clearance Audit (PCA) are essential to the success of the AEO programme. These tools are critical in fostering compliance and predictability in the trading environment.”

The Customs boss, however, stated that the service is committed to creating an enabling environment for trade.

“NCS Advance Ruling programme was implemented to fulfill legal obligations under Standard 9 of the WCO-RKC 2006 and the WTO-TFA 2017 to provide predictability and transparency for trade while providing a facility for voluntary compliance and securing Government Revenue.

“The implementation of PCA reforms has strengthened our ability to ensure compliance after the release of goods, thereby reducing delays during clearance while maintaining the integrity of Customs operations.

“As we approach the official launch of the AEO programme scheduled for 14 February 2025, today’s stakeholder engagement is a vital platform for sharing our pilot findings, dialogue on these findings and co-create solutions to identified gaps in the programme.

“Your insights and feedback are invaluable as we co-own this project to ensure the program’s effectiveness and sustainability.”