The Nigeria Customs Service (NCS) has achieved a historic revenue collection of ₦6.1 trillion in 2024, surpassing its target of ₦5.08 trillion by ₦1.03 trillion, representing a 20.2% increase. This performance also marks a 90.4% growth compared to the ₦3.2 trillion collected in 2023.
Announcing the achievement during a press briefing in Abuja, Comptroller-General of Customs, Bashir Adewale Adeniyi, highlighted that October 2024 saw the highest-ever monthly collection of ₦603.17 billion. He described the 2024 growth as the largest year-on-year increase in recent times, far exceeding the 52.24% growth recorded in 2022.
The 2024 revenue included ₦3.66 trillion remitted to the Federation Account from import duties, excise duties, and other levies; ₦816.9 billion collected as Non-Federation Account Levies; and ₦1.63 trillion generated from VAT on imports. Adeniyi noted that despite granting ₦1.68 trillion in concessions to support various sectors, the Service still achieved this remarkable result.
The NCS also made significant progress in trade facilitation. Imports had a total CIF (Cost, Insurance, and Freight) value of ₦60.29 trillion, up 117.4% from 2023, with export CIF value rising to ₦136.65 trillion, a 219.5% increase. While import transaction volumes decreased by 8.2%, the higher values indicate a shift towards higher-value goods in Nigeria’s trade portfolio. Export volumes also surged by 234%, reflecting the growing global competitiveness of Nigerian products.
The total trade value handled by NCS in 2024 reached ₦196.94 trillion, compared to ₦70.50 trillion in 2023, marking a 179.3% increase. Adeniyi attributed this growth to modernized operations, enhanced monitoring, and reforms under the new NCS Act.
Adeniyi concluded by emphasizing the Service’s commitment to global best practices, improved efficiency, and better trade facilitation while maintaining a balance between revenue collection and economic growth.
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