BusinessHighlightNews From MDA'S

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

485

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.

Leave a comment

Related Articles

Tinubu’s forex policy revolutionizes domestic airline operations – United Nigeria airline boss

The Founder of United Nigeria Airline, Prof. Obiora Okonkwo, has praised the...

NNPCL Dismisses Social Media Video Alleging Dispensing Poor Fuel Quality

The Nigerian National Petroleum Company Limited (NNPC Ltd) has issued a strong...

Kenyan Runner Edwin Koech Wins 2025 Access Bank Lagos City Marathon, Carts Home $50,000

Kenya’s Edwin Kibet Koech has emerged victorious in the men’s division of...

Another Rep rejects allegation of $150m bribe from Binance Executive Gambaryan

Rep. Ginger Onwusibe, the Chairman of the House of Representatives Committee on...

Lagos Assembly crisis: Obasa heads to court, challenges removal as Speaker

Mudashiru Obasa, the impeached Speaker of the Lagos State House of Assembly,...

FG Dismisses Binance Executive Tigran Gambaryan’s Allegations

The Federal Government has officially denied allegations made by Tigran Gambaryan, a...

US congressman drops bombshell, accuses USAID of funneling taxpayers’ money to Boko Haram, ISIS, Al-Qaeda

A stunning revelation has rocked international circles as American Republican Congressman Scott...

African Union Launches Landmark Credit Rating Agency to Promote Regional Economic Integration

The African Union has taken a significant step towards promoting economic resilience...

UNIZIK expels student for assaulting lecturer

For allegedly assaulting a lecturer, authorities of the Nnamdi Azikiwe University (UniZik),...

Military chiefs’ visa denial: Canada declines comment, cites privacy concerns

The Canadian High Commission in Nigeria has acknowledged media reports concerning the...

FG approves 150 medical personnel for correctional centres nationwide

In a bid to boost healthcare delivery in Nigeria’s correctional centres, the...

Ex-Abia Attorney General, Ihediwa, Regains SAN Title After 7-Month LPPC’s Suspension

Seven months after his Senior Advocate of Nigeria (SAN) was withdrawn, the...

2Baba’s family petitions DSS over singer’s mysterious disappearance amid marital issues

…I’m not engaged to him, she fires back The ongoing marital crisis...

Russia, Nigeria Set for Historic Friendly Match

The Russian Football Union (RFU) has announced that the country’s men’s national...

Pres. Tinubu Arrives in Ethiopia for 38th AU Summit

President Bola Tinubu arrived in Addis Ababa, Ethiopia, on Thursday night to...

FCT President Cup: EFCC FC, Galadima FC, FWC FC, N-Youth Academy Secure Semifinal Spots

The stage is set for the semifinals of the FCT President Cup,...

Southwest Governors Move to Establish Joint Security Outfit to Counter Rising Banditry, Insurgency Threats

Amid rising concerns over the renewed spate of banditry and insurgency in...

Abiodun’s Investment Drive: Ogun to host West Africa’s largest cotton and apparel industry, targets 40,000 jobs

The biggest cotton and apparel industry in West Africa, with a capacity...

Fire ravages 7-Storey Lagos building, leaving trail of destruction

A devastating fire swept through a seven-storey commercial building located in the...

FCT Police, Military Join Forces to Neutralize Deadly Abuja Armed Robbery Gangs

A collaborative effort between the FCT Police Command, military personnel, and local...