Nigeria Customs Generates N1.75 Trillion Revenue from N36 Trillion Trade Volume in Six Months

The Nigeria Customs Service (NCS) has announced a revenue collection of N1.75 trillion for the first half of 2024, derived from total trade valued at N36 trillion during the same period.

**Key Highlights:**
1. **Revenue Performance**
– First half 2024 collection: N1.75 trillion
– Represents 63% of annual target (N2.79 trillion)
– 32% increase compared to same period in 2023

2. **Trade Volume Analysis**
– Total trade value: N36 trillion (January-June 2024)
– Import-export ratio: 60:40
– Top imports: Petroleum products, vehicles, machinery
– Major exports: Crude oil, agricultural products

3. **Operational Efficiency**
– 98% of collections through electronic platforms
– 24-hour port operations reducing clearance time
– 15% boost from anti-smuggling operations

**Sector Breakdown:**
– Manufactured goods: 42% of trade value
– Agricultural products: 28%
– Solid minerals: 12%
– Other sectors: 18%

**Top Performing Commands:**
1. Apapa Command – N450 billion
2. Tin Can Island – N320 billion
3. Port Harcourt – N280 billion

Comptroller-General Bashir Adeniyi attributed the performance to improved automation, stakeholder collaboration, and stricter compliance measures. He noted the Service intercepted 250 smuggling attempts worth N85 billion during the period.

**Economic Impact:**
– Customs revenue represents 28% of non-oil government earnings
– Trade surplus of N4.8 trillion recorded
– Contribution to GDP growth estimated at 1.2%

The NCS projects full-year revenue could reach N4 trillion if current trends continue, potentially exceeding its 2024 target by 43%. Analysts suggest the figures indicate recovering economic activity despite inflationary pressures.

**Challenges Noted:**
– Foreign exchange fluctuations affecting import volumes
– Rising smuggling attempts through land borders
– Need for improved infrastructure at smaller ports

The Service plans to deploy 50 new scanning machines by year-end and establish 12 additional border control units to sustain revenue growth. Stakeholder engagements continue to address trade facilitation concerns.