Nigerian Customs Surpasses 2024 Target, Generates N6.1trn Revenue

Comptroller-general of the Nigeria Customs Service (NCS), Adewale Adeniyi, has announced that the Service recorded N6,105,315,543,488.50trn as revenue collection in the year-end 2024, surpassing the revenue target of N5.079trn by N1,26,245,677,404 trn.

The CGC also disclosed that N1.622trn was lost as concession to businesses to stimulate economic growth and enhance the business environment under the federal government’s import duty exemption scheme.

Adeniyi made the disclosure on Tuesday at a media briefing on the update of activities of the Service in 2024.

He said Customs facilitated import and export trade with a total financial value of about N196.94trn in 2024 alone. In detail, he said the NCS processed imports with a value of N60.29trn, higher than the 2023 record of trade facilitation.

Adeniyi said that was done through 1,262,988 total import transactions. He announced that the trade volume of import and export for the year stood at N196.94trn. “It indicates the increasing competiveness in Nigeria made products,” Adeniyi stated.

According to him, Customs made 3,555 million seizures throughout the year. The seizures have a monetary value of N28.46bn.