Nigeria Customs Records ₦6.1 Trillion Revenue in 2024
The Nigeria Customs Service (NCS) has set a new revenue milestone, collecting ₦6.1 trillion in 2024, exceeding its ₦5.1 trillion target by ₦1.03 trillion. This achievement marks a 20.2% increase above the target and a remarkable 90.4% growth compared to ₦3.2 trillion collected in 2023.
At a January 14, 2025, press briefing in Abuja, Comptroller-General Bashir Adewale Adeniyi attributed the success to strategic reforms, enhanced efficiency, and alignment with government policies. “This growth is historic as it marks the highest year-on-year increase recorded by the Service in recent times,” Adeniyi stated.
The revenue breakdown includes ₦3.66 trillion for the Federation Account, ₦816.9 billion from Non-Federation Account Levies, and ₦1.63 trillion in Value Added Tax (VAT) on imports. The Service also granted ₦1.68 trillion in concessions to boost industrial growth while tightening controls against abuse.
The NCS reported a 179.3% increase in total trade value to ₦196.94 trillion in 2024, driven by a 219.5% surge in export trade value to ₦136.65 trillion. Key operational advancements included.
These initiatives propelled NCS 33 spots higher in the Presidential Enabling Business Environment Council (PEBEC) rankings, with international recognition as a top agency for trade facilitation.
Collaborations with organizations like the Healthcare Federation of Nigeria streamlined the clearance of medical supplies, aligning with health accessibility goals. NCS efforts under the African Continental Free Trade Agreement (AfCFTA) also boosted Nigerian exporters’ global participation, highlighted by the Biashara Afrika forum in Kigali.
Adeniyi credited the successes to the support of President Bola Ahmed Tinubu’s administration and the dedication of NCS officers. He emphasized the Service’s focus on leveraging technology, fostering stakeholder collaboration, and improving operational efficiency to sustain growth.
