•As Customs meets N5.79tr. 2024 revenue target •Okonjo-Iweala urges strengthened risk controls at ports
From Ndubuisi Orji, Abuja
President Bola Tinubu disclosed yesterday that, within less than two years of his administration, Nigeria has successfully attracted $30 billion in Foreign Direct Investments (FDIs) commitments, a development that highlights the growing confidence of global investors in the country’s economic policies and potential.
President Tinubu stated this while declaring open the Comptroller General of Customs (CGC) 2024 conference in Abuja.
The CGC conference, themed “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose,” was attended by top government functionaries including the National Security Adviser (NSA) Nuhu Ribadu, security chiefs, members of the National Assembly and others.
Represented by the NSA, Nuhu Ribadu, President Tinubu noted that his administration set out with a clear vision to strengthen Nigeria’s economic foundation.
The President highlighted the substantial progress his government has achieved, confidently predicting that, in the near future, critics will have little to challenge.
He pointed to the improved peace in the Niger Delta, which has propelled crude oil production to an impressive 1.8 million barrels per day.
According to him, “Things are changing. This so-called Lakurawa or whatever you call them, they are making a mistake. “Nobody ever dares Tinubu and wins. Nobody. They have come at the wrong time. Nobody has ever defeated Tinubu. And you are going to be defeated. And we will kick you out. “This is a Nigeria where I can assure you that the critics are going to be quiet. One after the other, things will change in our country”.
He explained that the removal of fuel subsidies and the unification of the exchange rate system were aimed at creating a more transparent and sustainable economic framework.
He acknowledged that these policies required adjustments by citizens but insisted they were essential for the country’s long-term benefit.
President Tinubu added that the Nigeria Customs Service is one of the agencies that has demonstrated how government institutions can effectively contribute to the economic transformation agenda while fulfilling their core mandates.
Also speaking, the Comptroller General of the Nigeria Customs Service (NCS), Adewale Adeniyi, announced that the service had already achieved its 2024 revenue target of NGN 5.79 trillion.
Adeniyi noted that the NCS met its 2024 revenue target by midday on Tuesday, November 12 and reported that the Service had seized goods worth NGN 28.1 billion between January and November.
He said: “This exceptional performance, projected to exceed our target by 10%, validates our partnership-driven approach to revenue collection and trade facilitation.
The achievement is not merely about numbers; it demonstrates how enhanced stakeholder collaboration, improved processes, and modernized systems can deliver tangible results for our nation’s economy.
“In fulfilling our enforcement mandate, we have achieved unprecedented success in protecting both our citizens and economy. The scale of our intervention is reflected in seizures valued at N28.1 billion and counting in 2024 alone. These seizures span critical areas of national concern, from wildlife items and arms and ammunition to narcotics and pharmaceutical products.
“An important moment in our enforcement strategy was the declaration of a state of emergency at our major ports, which led to the interception of 48 containers of illicit pharmaceutical items and narcotics, significantly disrupting the flow of potentially harmful products. Through strategic operations, we continue to intercept and seize prohibited items that pose direct threats to public health and safety.”
At the event, the Director General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, delivered a virtual keynote address, calling for reforms in risk management and tariff predictability.
Okonjo-Iweala pointed out that while less than 1% of consignments in developed countries are selected for physical inspection, around 90% undergo inspection in Nigeria.
“In many developed economies, the share of consignments selected for physical inspection is lower than one percent, while in Nigeria, it is around 90 percent, with an additional nine percent of consignments scanned,” she said.
The WTO DG added that “without improving risk management and reducing inspection rates, speeding up port and border clearance in a meaningful manner will be impossible.
“Of course, better risk management will have to go hand in hand with better compliance by ports, improved targeting and feedback from inspections, and less discretion by individual officials to ensure customs and regulations are predictably and consistently applied, all coupled with effective sanctions.
“So, it is also an area where we have to work hard to convince officers that if we don’t succeed and make changes here, we will not visibly improve on delays.
“The second area for reform is predictability. The predictability of tariff and other border measures remains limited as fiscal policy measures often adjust tariffs.”
Okonjo-Iweala also advocated for limiting the use of tariff concessions under schemes such as import duty exemption certificates and ensuring greater transparency in their application.