The Lagos Free Trade Zone Command of the Nigeria Customs Service (NCS), has disclosed that it generated N5.08 billion from Lekki deep seaport in eight months.
In a press statement by the command, the Customs Area Controller, Compt. Mohammed Babandede, disclosed this, at the command’s conference hall in Lagos.
According to him, “the revenue from Lekki Port was generated between April, when the port commenced operation, and December, 2023. The Command also generated the sum of N5.08 billion from Lekki Port since commencement of operations in April 2023,” Compt. Babandede stated.
He also revealed that the command exceeded its revenue by 102.82 per cent as it generated N68.960 billion from the Lagos free zone and N5.08 billion from Lekki Port totaling N74.048 billion. He, however, stated that the revenue generated in 2024, surpassed the N25.050 billion revenue generated by the command in 2022.
“Revenue in Free Zones is generated on duties and other taxes of goods that are destined for Customs’ territory. In the year 2023, the Command recorded a remarkable feat in the area of revenue collection by surpassing her target N34 billion. The command generated N68.960 billion from the free zone. This represents a collection increase of 102.82 per cent as against N25.050 billion generated in 2022.
“Cumulatively, the total revenue generated from the Command in 2023 is put at N74.048 billion. We are steadfast to surpass these amounts in 2024. Although we understand that high exchange rates and other challenges are affecting importation, that will not deter us from collecting accurate duties on the little imports through the Port,” the Customs boss stated.
He disclosed that Free Zones are special economic zones where foreign investors are encouraged to invest in the country, saying, emphasis of free zones were not just on revenue generation but tremendous opportunities in the employment creation, transfer of technology, foreign direct investment, among others.
“Free Zone is a special economic zone where foreign investors are encouraged to invest in the country. The emphasis here is not just on revenue generation but the tremendous opportunities in the areas of employment, transfer of technology, foreign direct investment, among other benefits.
It is also a government initiative to enhance economic growth and development,” he added,
The Nigeria Customs Service (NCS), as one of the major players in Nigeria’s economic growth, has continued to play a pivotal role in the Free Zones to actualize this initiative of the government.
“Lagos Free Trade Zone Command was created to oversee the activities of all Free Zones in Lagos State, including the Lekki Deep Sea Port. The roles of the Command in the Free Zones are, but not limited to trade facilitation, monitoring activities of enterprises and revenue generation. Meanwhile, the Command has continued to demonstrate high level of professionalism in carrying out its mandates in line with international Customs best practices.”
“In an effort to streamline the operations in all Free zones, the Customs headquarters often updates the Standard Operating Procedures (SOP) for collection of Customs Duty on goods manufactured, assembled, stored, re-configured or re-modelled in the Free Zones which are destined for Customs territory. The SOP is to eliminate bottlenecks in their operations and encourage more investors into the Free Zones. These have made our work more efficient and effective,” he pointed out.
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