Customs Generates N5.07trn Revenue, Surpasses 2024 Target

Comptroller General of Customs Adewale Adeniyi has announced that the service generated N5.079 trillion in revenue in less than 11 months of 2024, surpassing the N5.07 trillion revenue target the government set for it at the beginning of the year.

He made the remarks at the 2024 CGCs Conference, which was held in Abuja and themed “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose.”

“I am pleased to announce that yesterday, 12 November 2024, at exactly 13:10 Hrs, the Nigeria Customs Service hit its 2024 revenue target of NGN 5.07 trillion, collecting NGN 5,079,455,088,194.38 with more than a month remaining in the fiscal year,” the CGC said.

Mr Wale said the exceptional performance – projected to exceed its target by 10% – validates the agency’s partnership-driven revenue collection and trade facilitation approach. The achievement is not merely about numbers; it demonstrates how enhanced stakeholder collaboration, improved processes, and modernised systems can deliver tangible results for our nation’s economy.”

He said customs has achieved unprecedented success in protecting our citizens and economy by launching new seizures valued at N28.1 billion in 2024 alone. The seizures span critical areas of national concern, from wildlife items and arms and ammunition to narcotics and pharmaceutical products.
Adewale said the NCS is making a historic investment in human capital infrastructure by establishing a Customs University to build a knowledge-driven service.

Meanwhile, the Director-General of the World Trade Organisation, Ngozi Okonjo-Iweala, has said that while significant milestones have been achieved in trade facilitation in Nigeria, a lot needs to be done to tap into the potential of trade facilitation for higher revenue collection and economic growth.
Dr Okonjo-Iweala said that to achieve the ambitious growth target of 2050, Nigeria will have to shift gears, compare herself with global leaders in facilitating trade, and try to match their performance.

The WTO DG said that meaningfully speeding up port and border clearance would only be possible by improving risk management and reducing inspection rates accordingly. “Better risk management, information sharing amongst agencies, and faster clearance would all contribute to reducing delays,” she remarked in her keynote address to the gathering at Transcorp Hilton Hotel.

The predictability of tariffs and other border measures remains limited in Nigeria as fiscal policy measures often adjust tariffs, and tariffs remain the multitude of discretionary exemptions. Okonjo-Iweala said restricting tariff concessions such as import duty exemption certificates would make their use more transparent and remove most products from the import prohibition list.

According to her, the measures allow customs to target compliance checks better, contributing to the government’s objective of increasing revenue collection, creating new innovative opportunities, and helping the government accelerate growth. “We need to use these measures very well-targeted,” she said.
She also called for better delegation and coordination at the nation’s borders. “Will there be a new attempt to limit the number of agencies at the border with tasks delegated to a lead border agency? Delegation of this kind has been a great element globally in facilitating trade.”

In a response, CGC Adeniyi said the organisation is challenged by an unprecedented rate of leadership transitions, which saw 60% of its management team exit in 2022 and 36% in 2023. In 2024 alone, Customs will experience a 76% change in its management composition. With projections indicating another 40% of the management staff retiring in 2024, the CGC stressed the urgent need for strategic intervention.
He said the service has launched an ambitious human resource development plan that is expected to address both immediate and long-term needs. This includes accelerated career progression opportunities for deserving officers, ensuring that talent and dedication are appropriately rewarded.