NCS rakes in N362.79bn through AEO scheme

From Godwin Tsa, Abuja

The Nigeria Customs Service (NCS) has recorded a massive revenue leap under its trade‑trust programme, raking in an additional N362.79 billion.

Meanwhile, the Comptroller General of Customs, Bashir Adewale Adeniyi, has slammed an immediate suspension on a defaulting operator caught making false cargo declarations.

The breakthrough came under the Authorised Economic Operator (AEO) initiative of the Nigeria Customs Service, which authorities say is transforming port operations from paperwork bottlenecks into compliance‑driven efficiency.

Customs disclosed that revenue generated by 51 AEO‑certified companies surged from N1.222 trillion before certification to N1.585 trillion after certification, a 29.68 per cent growth recorded as of October 27, 2025.

The scheme alone accounted for 21.77 per cent of the agency’s N7.281 trillion total collection in 2025.

Even more striking, customs duties paid by participating companies climbed by 85.66 per cent, a rise officials attributed to improved compliance and expansion of legitimate trade volumes.

According to the monitoring and evaluation report, the programme achieved an average compliance rate of 85.45 per cent, with some firms recording full compliance.

The framework aligns with international trade standards and Nigeria’s customs law, signalling growing global credibility for the country’s cargo processing system.

Beyond revenue, the reform dramatically slashed cargo clearance time. Clearance time dropped from 168 hours to 41 hours. Operating costs fell by 57.2 per cent. Demurrage payments plunged by 90 per cent. Overall trade efficiency improved by 77.11 per cent.

Officials said the changes were driven by digitalisation, simplified procedures, and targeted risk‑based inspections, reducing congestion and limiting capital flight to foreign port service providers.