Naira Fall Boosts Customs Revenue By 101% Amid Low Import Volumes

Despite low importation and cargo volume into the country, the Apapa command of the Nigeria Customs Service (NCS), on Monday, reported a record revenue collection of N1.87 trillion in the first 10 months of 2024.

The increase in revenue represents a remarkable 101 per cent increase from the N931 billion collected during the same period in 2023.

This increased revenue, LEADERSHIP checks show, is due to the depreciation of the naira which has drastically raised the duties paid by cargo clearing.

Speaking during a press briefing in Lagos, the Customs Area Controller (CAC) Apapa, Compt. Babatunde Olomu attributed the substantial growth to stringent measures such as plugging revenue leakages, alongside increased compliance by port users.

He said despite a noticeable decline in trade volume, the Command recorded its highest-ever monthly collection of N264.4 billion in October, 2024.

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This landmark achievement he explained has boosted the Command’s confidence in not only meeting but potentially surpassing its annual target of N2.2 trillion by the year’s end.

“Despite a remarkable decline in the volume of trade, this command has been able to block leakages and achieved maximum collection of revenue as evidenced in our monthly activities. From January-October 2024, we generated a total of N1.87 trillion higher than the N931.1 billion generated in the corresponding period in the year 2023, showing 101 per cent increase over last year’s revenue figure.

“It is instructive to state that our October 2024 collection is N264.45 billion. This is the highest monthly collection in the history of this command. Therefore, we are hopeful of meeting and even surpassing our target of N2.2 trillion as the year winds down.”

The Customs Area Controller also stated that the Command is advancing towards a modern and paperless system as part of the NCS’s broader modernisation drive.

By incorporating tools such as the Authorised Economic Operator (AEO) and Advanced Ruling, the Command has facilitated faster, more secure processing of import and export cargoes, reducing delays and promoting compliance.

Additionally, he said the Command operates on weekends, aligning with the federal government’s Ease of Doing Business policy to ensure efficient cargo clearance.

Like I mentioned in other fora, the NCS Management is driving a modern and paperless system and here in Apapa we are gearing up to migrate from the old system to a new system while maximising the benefits of what we have presently.

“Nevertheless, the command has keyed into trade facilitation tools like AEO and Advanced Ruling to ensure seamless movement of both import and export cargoes.

“Furthermore, in line with the federal government agenda of Ease of Doing Business, the command operates on Saturdays and Sundays to ensure that importers take delivery of their cargoes devoid of any delay.

We also have an intra government working system where all government agencies work together as a team without compromising the mandates of our respective agencies. Equally, we have a wider customs-stakeholder forum where only issues pertaining to customs alone are looked into and addressed as and when due.”