Nigeria’s Economy Soars as Customs Records N196.94trn Trade Value in 2024

The Nigeria Customs Service (NCS) has achieved a remarkable milestone, recording a total trade value of N196.94 trillion in 2024.

This represents a significant 179.3% increase from the N70.50 trillion recorded in 2023.

Mr. Adewale Adeniyi, the Comptroller-General of the NCS told a media briefing on Tuesday that the service’s performance in 2024 was guided by strategic commitments made at the start of the year towards modernising its operations and enhancing service delivery.

“The total trade value handled by the Service in 2024 amounted to N196.94 trillion, compared to N70.50 trillion in 2023, representing a 179.3 percent increase,” Adeniyi said.

He attributed the growth to the service’s ability to navigate global economic challenges, achieving significant growth in both import and export trade.

The NCS processed imports with a cost, insurance, and freight (CIF) value of N60.29 trillion in 2024, a 117.4% increase from N27.74 trillion in 2023.

Adeniyi noted that the higher value recorded despite an 8.2% decrease in transaction volume indicates a shift towards higher-value goods in Nigeria’s import trade portfolio.

On the export performance, the comptroller-general said the service recorded a CIF value of N136.65 trillion in 2024, representing a 219.5% increase from N42.77 trillion in the previous year.

“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.”

The NCS also made significant strides in advancing its technological infrastructure, including the pilot testing of “B’Odogwu,” an indigenously developed customs clearance platform.

Adeniyi attributed the progress to support from concessionaires under the trade modernisation project.

Additionally, the NCS commenced the phased relocation to its new corporate headquarters, which is expected to become fully operational by the end of the first quarter of 2025.

The service has also received approval to establish the Nigeria Customs Service University for Trade and Technology in Badagry, Lagos, aimed at improving operational efficiency and service delivery.