NCS Records Historic ₦6.1 Trillion Revenue in 2024

The Nigeria Customs Service (NCS) has achieved a historic milestone, collecting a record ₦6.1 trillion in revenue in 2024, surpassing its ₦5.1 trillion target by ₦1.03 trillion. This represents a 20.2% increase above the target and an impressive 90.4% rise from the ₦3.2 trillion collected in 2023.

Speaking at a press briefing in Abuja on January 14, 2025, the Comptroller-General of Customs, Bashir Adewale Adeniyi, attributed the remarkable performance to strategic reforms, enhanced operational efficiency, and strong alignment with government policy objectives. “This growth is historic as it marks the highest year-on-year increase recorded by the Service in recent times,” he noted.

The record-breaking revenue is segmented into ₦3.66 trillion for the Federation Account, ₦816.9 billion for Non-Federation Account Levies, and ₦1.63 trillion in Value Added Tax (VAT) on imports.

Adeniyi highlighted the Service’s effort to balance revenue collection with trade facilitation, granting concessions worth ₦1.68 trillion to stimulate industrial growth while tightening controls to prevent abuses.

The Service also achieved remarkable progress in trade facilitation, recording a 179.3% increase in total trade value to ₦196.94 trillion in 2024, compared to ₦70.5 trillion in 2023. This growth was driven by a surge in the export trade, which saw a 219.5% increase in value to ₦136.65 trillion.

Significant advancements were made in customs operations, including the introduction of the Advanced Ruling System and the Authorized Economic Operator (AEO) programme. The latter has reduced cargo clearance times to an average of 43 hours for AEO-certified companies. Additionally, the indigenously developed digital clearance platform, “B’Odogwu,” generated ₦31 billion in revenue during its pilot phase.

In 2024, the NCS received international acclaim, advancing 33 places in the Presidential Enabling Business Environment Council (PEBEC) rankings and being recognised among the top five agencies for trade facilitation. Strategic partnerships, such as with the Healthcare Federation of Nigeria, have streamlined the clearance of medical supplies, aligning with the federal government’s health accessibility goals.

The Service’s trade facilitation efforts under the African Continental Free Trade Agreement (AfCFTA) have also bolstered the participation of Nigerian exporters in global markets, with notable representation at the Biashara Afrika forum in Kigali.

Adeniyi attributed these achievements to the support of President Bola Ahmed Tinubu’s administration and the dedication of NCS officers. He reaffirmed the Service’s commitment to leveraging technology, fostering stakeholder collaboration, and enhancing operational efficiency to sustain growth.