An economic expert, David Ambi, has said that policy uncertainty in Nigeria could hinder the Nigeria Customs Service (NCS) from achieving its 2025 target.
The comptroller general of the NCS, Adewale Adeniyi, announced on Jan. 14 that the Federal Government had set N6.58 trillion as its revenue target for 2025.
The National Assembly Joint Committee on Finance has, however, increased the revenue projection of NCS to N12 trillion, during the budget defence.
Ambi stated that frequent policy changes such as bans on certain imports, exchange rate reforms, or new tariff regimes, could disrupt trade patterns and hinder revenue projections.
He urged the service to advocate for stable trade policies and collaborate with government agencies to ensure that fiscal and monetary policies align with customs revenue goals.
He stated that external economic pressures such as foreign exchange volatility and global economic trends, could significantly impact the realisation of the NCS’s target.
“The depreciation of the naira and scarcity of foreign exchange could lead to reduced imports and higher costs for businesses, potentially impacting customs revenue.
“A slowdown in global trade or disruptions in supply chains could also affect Nigeria’s trade volumes and, by extension, customs revenue,“ he said.
According to the expert, the NCS should scale up the automation of customs processes to address these challenges and achieve its 2025 revenue target.
He added that such processes include implementing e-customs systems to enhance transparency, reduce delays, and minimise human interference.
The expert maintained that the NCS should enhance border security, strengthen its workforce capacity, and improve engagement with stakeholders in the sector.
“NCS should focus on training customs officers in modern trade practices, valuation techniques, and the use of advanced technology.
“Also, the service should collaborate with private sector actors, such as freight forwarders and shipping companies, to ensure compliance and resolve bottlenecks in the trade process.
“Success of the NCS will depend on leveraging technology, addressing systemic issues, and fostering collaboration with stakeholders to maximise revenue, while facilitating trade,“he said.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
