…As Customs rakes in N6.105trn, overshoots target by 20%
Nigeria’s trade volume surged 179.3 percent to a record N196 trillion in 2024, buoyed by global best practices in trade facilitation, improved operational excellence, and enhanced security.
This is compared to N70.50 trillion reported in 2023.
The update was provided by Adewale Adeniyi, the comptroller-general of Nigeria Customs Service (NSC) who spoke on the activities of the service at a press briefing Tuesday in Abuja.
He said the substantial growth in trade value, achieved with fewer but more valuable transactions, is evident of the increasing sophistication of Nigeria’s international trade and the effectiveness of trade facilitation measures adopted by the Customs.
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The improvements in trade enabled Customs to rake in over N6.105trillion in revenues, exceeding its target of N5.079 trillion in 2024.
Adeniyi said the value of exports processed with a Cost, Insurance, and Freight (CIF) rose significantly to N136.65 trillion in 2024 from N42.77 trillion in 2023, marking a 219.5 percent increase.
He said while the number of export transactions remained relatively stable at 38,199 compared to 38,294 in 2023, there was a substantial increase in export volume, processing 12.35 billion kilograms in 2024 compared to 3.70 billion kilograms in 2023.
“This 234 percent increase in export mass, coupled with the higher value, indicates a robust growth in our export trade and suggests increasing competitiveness of Nigerian products in the international market,” he stated.
The value of total imports was N60.29 trillion in 2024 and represents a remarkable 117.4 percent increase from N27.74 trillion in 2023.
According to him, this was achieved through 1,262,988 import transactions, handling a total mass of 15.35 billion kilograms.
“The higher value recorded despite an 8.2 percent decrease in transaction volume from the previous year’s 1,376,514 transactions indicates a shift towards higher-value goods in our import trade portfolio,” he noted.
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He said those achievements were due to deliberate commitments by the Service early in 2024 towards modernising its operations and enhancing service delivery.
“Despite our impressive revenue performance, we remained conscious of the need to strike a balance between revenue collection and trade facilitation.
“The trade performance data for 2024 reflects significant growth in trade value despite global economic headwinds,” the CGS added.
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