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2024: Customs Exceeds 20% Of Annual Revenue Target In 3 Months, Rakes In N1.3trn.

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CGC Bashir Adewale Adeniyi

 

 

 

 

 

 

 

 

By Izuchukwu Ozoemena

 

 

 

 

The Nigeria Customs Service (NCS) collected N1.34trillion, January to March, in the face of declining cargo throughput estimated to have dwindled by 4.89 percent in the first quarter of 2024. By this collection, the NCS exceeded her annual revenue target of N5.07Trn by 20 percent.

 

Comptroller-General of Customs, Bashir Adewale Adeniyi disclosed this in Abuja, Wednesday, while unveiling Custom’s activities in the first quarter, 2024.

 

 

Total revenue collected during this period, he stated, amounted to N1,347,675,608,972.75.

 

“The collection for the first quarter represents a substantial increase of 122.35% compared to the same period last year, which was N606,119,935,146.67. Month-by-month analysis further illustrates the Service’s impressive growth trajectory.”

 

“In January 2024, revenue collection surged by 95.60%, reaching N390,824,148,326.55 from N199,809,974,327.52 recorded in January 2023. This upward trend continued in February 2024, with a staggering 138.68% growth, elevating revenue collection to N450,209,267,557.15 from N188,625,011,386.87 in February 2023. By March 2024, the revenue collected by NCS revenue grew by 132.76% from N217,669,949,432.28 to N506,642,193,019.05.”

 

When compared to the Custom’s 2024 annual revenue target of N5.07 trillion which translates to N423 billion monthly, the Service is recording an average monthly revenue growth of 6.2% over the set monthly target and a cumulative revenue collection of 18.6%, equivalent to N78,675,608,972.75 over the set quarterly target of N1.269 trillion.

 

The Customs boss, however, observed that there have been challenges related to non-compliance with regulations, infrastructure limitations, and a notable decline in cargo throughput, evidenced by a 4.89% decrease in the volume of transactions handled.

 

Significant fluctuations in exchange rates applied in the customs clearance of consignments posed considerable difficulties, he admitted.

 

“As per protocol, the exchange rate utilized by Customs in the clearance of goods via the Nigeria Integrated Customs Information System (NICIS) is based on the rate determined by the Central Bank of Nigeria (CBN).

 

“In the last quarter, a total of 28 rates were directed by the CBN, ranging from N951.94 per USD 1 in January 2024 to a peak of N1,662.35 per USD 1 in February 2024.”

 

“While a singular exchange rate of N951.94 per USD 1 was maintained in January, February witnessed 15 different spot rates ranging from N951.94 per USD 1 to N1,662.35 per USD 1. March saw a total of 13 different spot rates applied, ranging from N1,303.84 to N1,630.16. These fluctuations resulted in an average applied exchange rate of N1,314.03 per USD 1 in the clearance of Customs goods during the quarter,” the CGC observed.

 

First quarter of 2024, he explained, NCS recorded a total of 572 seizures, made up of assorted various items valued at N10,593,099,654.50 in Duty Paid Value (DPV).

 

“Notably, January saw 111 seizures amounting to N842,992,751.50 in DPV, while February marked the highest seizure numbers of 432, totalling N3,704,703,350.34. Rice constituted 39% of the seizures, followed by petroleum products at 26%, with motor vehicles and textiles accounting for 9% and 6% of the seizures, respectively. During this period, the NCS detained 22 suspects, and appropriate legal measures will be taken in accordance with the Nigeria Customs Service Act 2023,” he said.

 

As expected, he announced, trade facilitation remains a central focus of the NCS operations. In the period under review, the Service went a notch to streamline processes, minimize bottlenecks and optimize efficiency across Nigerian ports to ensure seamless trade transactions.

 

In the period January to March, 2024, the Service processed a total of 311,492 Single Goods Declarations (SGDs) for imports, reflecting the volume of import transactions handled.

 

“This figure indicates a decrease compared to the total volume of 327,491 processed in 2023 and 403,233 SGDs in 2022.”

 

“Regarding export transactions, a total of 10,786 SGDs were processed in 2024 compared to 9,752 transactions in 2023, representing a 10.60% growth in export activities. Notably, a significant portion of this growth occurred in January, with 4,067 transactions processed in 2024 compared to 3,352 SGDs in 2023, marking a 29.69% increase,” he explained.

 

Regarding non-oil exports, CGC Adeniyi stressed that the Service remains particularly interested in the growth in this area, in line with the policy thrust and priorities of President Bola Ahmed Tinubu’s administration and the initiatives pursued by NCS in recent times.

 

 

Maritime Agencies

AfCFTA: Transportation, Logistics Remain Key To Success, Industry Expert Says

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By Izuchukwu Ozoemena

 

Dr Anthony Onoharigho, Deputy Registrar, Liberian Maritime Authority, has described transportation and logistics as key sectors that will help the country achieve the African Continental Free Trade Agreement (AfCFTA) objectives.

Onoharigho was speaking in Lagos, Thursday, during the second edition of the Martime Reporters’ Association of Nigeria (MARAN) Annual Maritime Lecture (MAMAL) with the theme ‘AfCFTA – Dismantling Barriers, Navigating Regional Trade’.

“The transport sector is undermined. To move goods within the country is a problem and now thinking about Africa, so we need to make things seamless by removing barriers.

“We have a competitive advantage by being producers of oil in the country but the constraint also is that we do not have vessels to move the oil outside the country,” he regretted.

In his contribution, Dr Alban Igwe, member, United Nations Committee on Trade and Transport Location, noted that the country had all the opportunities to be a logistics hub if all barriers are removed.
Igwe added that there was need to dismantle everything that was pulling the country back so that it could get its share of the global cake.

“Todays’ conversation is very important; it is a wakeup call for Nigeria as the country is under a global threat. Other African blocs are doing well, while Nigeria is struggling,” he said.

Also contributing, Capt. Warredi Enisuoh, Executive Director, Operations and Technical Services, Tantita Security Services, Nigeria Ltd., noted that with AfCFTA, a future exists for manufacturers.
Enisuoh urged manufacturers to start thinking about Carbon Registry, adding that if Nigeria could organise themselves for this, they could have a National Carbon Credit to their benefit.

Mr Emmanuel Maiguwa, maritime security expert and President, Alumni of Maritime Academy of Nigeria, Oron (AMANO) urged the Ministry of Marine and Blue Economy to ensure that customs duty on vessel acquisition is removed instead of focusing on National Shipping Line.

“We cannot trade in Africa using our roads successfully. To make acquisition of vessels to be cost effective, all barriers hindering the acquisition of vessels should be eliminated,” he said.

The Chairman of the occasion, Mr Sola Adewunmi, President, Nigerian Shipowners Association, noted that the lecture was a good development but asked how prepared was Nigeria in trading on AfCFTA.
Adewunmi said that people are losing money due to bad policies, inadequate funding, urging that for Nigeria to be a shipping nation, incentives should be given.

Earlier, Godfrey Bivbere, President, MARAN, noted that by breaking down barriers hindering AfCFTA and fostering closer economic ties, the country would pave the way for unprecedented opportunities, growth and prosperity.

“Today’s discussion will explore how the country can collectively tackle challenges, leverage opportunities presented by AfCFTA, and position Nigeria and Africa at large to benefit from the estimated $3.4 trillion trade opportunities.

“To maximise the benefits of AfCFTA, Nigeria must address critical requirements such as improved trade infrastructure, efficient procedure, capacity building, investment in maritime assets and leveraging technology and innovation to facilitate trade.

“Intra-African trade currently stands at just 10 per cent. With AfCFTA, there are projections to raise this to 20 per cent and for this happen, we must ensure free and efficient movement of goods across borders through vehicles, railways, ships and trucks,” he declared.

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Maritime Agencies

Defence Minister Attends Kano International Trade Fair, Canvasses Support For The Military To Overcome Insecurity.

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By Izuchukwu Ozoemena

 

 

Minister of Defence, Mohammed Badaru Abubakar has called for robust support for the Nigerian Military in the current efforts to combat insecurity since there cannot be national development in the absence of peace.

Speaking at the opening ceremony of the 45th International Trade Fair organized by the Kano Chamber of Commerce, Industry, Mines, and Agriculture (KACCIMA), the Minister highlighted that an improved security situation in the country will pave the way for enhanced economic prosperity. He reaffirmed President Bola Ahmed Tinubu’s commitment to restore peace and stability and urged Nigerians to continue supporting the government with prayers while maintaining confidence in the security forces, whose unwavering dedication is crucial to sustaining these achievements.

As a former National President and now Lifetime National Vice President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Minister Badaru’s participation underscores his strong ties to the business community and a commitment to promote economic development in Nigeria. His longstanding relationship with KACCIMA further emphasizes his dedication to advancing trade and industry within the region, a statement by Henshaw Ogubuike, Director, Information and Public Relations, Ministry of Defence said.

The trade fair attracted numerous dignitaries, including representatives from the Office of the Vice President and the Governor of Kano State, as well as prominent business leaders from both Nigeria and abroad. This event serves as a vital platform for fostering economic cooperation and investment, with a particular focus on diversifying Nigeria’s economy through non-oil exports.

Minister Badaru commended KACCIMA for its dedication to organizing this annual trade fair and reiterated that such initiatives are essential for strengthening Nigeria’s economy. He emphasized the critical role of non-oil exports in achieving the nation’s diversification goals and called on all stakeholders to collaborate in harnessing Nigeria’s vast export potential.

Minister Badaru’s presence at the trade fair highlights its significance as a key driver for economic growth, innovation, and international business connections, positioning Kano as a central hub for commerce and industry in Nigeria.

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Maritime Agencies

Tantita’s Warredi Enisuoh Bags Global Recognition From Highstone Global University, Texas, USA

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Capt Warredi Enisuoh

 

 

By Izuchukwu Ozoemena

 

Highstone Global University, Texas, USA, has nominated Capt Warredi Enisuoh, Executive Director, Operations & Technical Services of Tantita Security Services Nigeria Limites (TSSNL) for the award of Honorary Doctorate Degree in Leadership and Strategies.

In the letter of nomination extended to the carbon credit expert, the Institution noted that Warredi was nominated for the award in recognition of his remarkable contributions and positive impact in society.

The institution expressed its pride in Warredi’s role in advancing societal progress and creating lasting change.

“We are honored to announce your nomination for the distinguished 2024 Honorary Doctorate Degree from Highstone Global University, Texas, USA. Each year, Highstone Global University recognizes exceptional individuals whose outstanding achievements and societal contributions have left a profound impact across diverse fields including Career Achievement, Governance, Humanitarian Services and Politics.

“Other areas include Civil Service, Ministry, Sports, Entrepreneurship, Education, Hospitality, Entertainment, Child and Youth Development.

“Also considered are Security, Social Services and overall Societal Impact. Your unwavering dedication to your profession, community, and humanity, combined with a life committed to service, have earned you this prestigious recognition.

“This honorary degree serves as a testament to your remarkable contributions and the positive impact you have created.”

“At Highstone Global University, we believe that while academic degrees are achieved, honorary recognition is bestowed upon a distinguished few whose influence and integrity shine as an example to others. We are proud to celebrate your role in advancing societal progress and creating lasting change.

“We are pleased to formally invite you to attend the Highstone Global University Special Convocation and Award Ceremony, where you will be conferred the Honorary Doctorate Degree in Leadership and Strategies. Highstone Global University is fully accredited and recognized by the State of Texas, the State of Missouri, the International Accreditation Organization, the American Accreditation Association, and the Commonwealth of Kentucky”.

The event is slated to take place at the Awards Ceremony Lecture with the Theme: Sustainability Through Good Governance and Community Development Conference Theme: Trailblazers of Change: Celebrating Visionaries and Pioneers of Progress and Human Development” on December 7, 2024 in Asaba Delta State.

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