Adeniyi: Customs recorded N196.9trn in trade value for 2024

Adewale Adeniyi, comptroller-general (CG) of the Nigeria Customs Service (NCS), says the agency recorded a total trade value of N196.94 trillion for 2024.

Speaking during a press briefing on Tuesday, Adeniyi said the figure reflects a 179.3 percent increase from N70.50 trillion recorded in 2023.

According to Adeniyi, 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,” the NCS boss said.

He said despite global economic challenges, customs achieved significant growth in both import and export trade.

Adeniyi said the service processed imports with a cost, insurance, and freight (CIF) value of N60.29 trillion in 2024, a 117.4 percent increase from N27.74 trillion in 2023.

“This was achieved through 1,262,988 import transactions, handling a total mass of 15.35 billion kilograms,” he said.

“The higher value recorded despite an 8.2 percent decrease in transaction volume from the previous year’s 1,376,514 transactions indicates a shift towards higher-value goods in our 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 percent increase from N42.77 trillion in the previous year.

“While the number of export transactions remained relatively stable at 38,199 compared to 38,294 in 2023, we witnessed a substantial increase in export volume, processing 12.35 billion kilograms in 2024 compared to 3.70 billion kilograms in 2023,” Adeniyi said.

“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.”

He said the significant growth in trade value, achieved through fewer but higher-value transactions, highlights the increasing sophistication of Nigeria’s international trade and the success of the service’s trade facilitation measures.

Adeniyi noted that in 2024, the NCS advanced its technological infrastructure, including the pilot testing of “B’Odogwu,” an indigenously developed customs clearance platform.

The CG added that the progress was made possible with support from the concessionaires under the trade modernisation project.

‘NEW HEADQUARTERS TO BE OPERATIONAL BY END OF Q1 2025’

Adeniyi said another key milestone was the commencement of the phased relocation to the new corporate headquarters, which began in the fourth quarter of 2024.

He said the headquarters is expected to become fully operational by the end of the first quarter of 2025.

Adeniyi also revealed that the NCS has received approval to establish the Nigeria Customs Service University for Trade and Technology in Badagry, Lagos, as part of ongoing efforts to improve operational efficiency and service delivery.