Nigeria Customs Service (NCS) reports a remarkable increase in total trade value for 2024, driven by strategic modernization efforts and a shift towards higher-value goods.
Nigeria Customs Service (NCS) Comptroller-General Adewale Adeniyi announced a remarkable 179.3 percent surge in total trade value for 2024, reaching N196.94 trillion. This significant increase, compared to N70.50 trillion recorded in 2023, reflects the NCS's commitment to modernize operations and enhance service delivery. Adeniyi attributed the growth to strategic initiatives undertaken throughout the year, despite facing global economic challenges. The NCS processed imports valued at N60.
29 trillion in 2024, a 117.4 percent jump from N27.74 trillion in 2023. Interestingly, this increase occurred despite an 8.2 percent decrease in transaction volume, indicating a shift towards higher-value goods in Nigeria's import portfolio. Export performance also witnessed substantial growth, reaching a CIF value of N136.65 trillion in 2024, a 219.5 percent rise from N42.77 trillion in 2023. Despite a relatively stable number of export transactions at 38,199 compared to 38,294 in 2023, the export volume surged to 12.35 billion kilograms, a 234 percent increase from 3.70 billion kilograms in the previous year. This robust growth signifies the increasing competitiveness of Nigerian products in the global market.Adeniyi highlighted several key achievements in 2024, including the advancement of technological infrastructure, such as the pilot testing of 'B'Odogwu,' an indigenous customs clearance platform. The commencement of the phased relocation to the new corporate headquarters, expected to be fully operational by the first quarter of 2025, was another significant milestone. Furthermore, the NCS received approval to establish the Nigeria Customs Service University for Trade and Technology in Badagry, Lagos, aimed at enhancing operational efficiency and service delivery. These advancements demonstrate the NCS's commitment to a more efficient, modernized, and technologically advanced customs service for Nigeria
TRADE NIGERIA CUSTOMS MODERNIZATION ECONOMIC GROWTH
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