Wednesday, April 23, 2025 - The Nigeria Customs Service (NCS) has reported a significant 29.96 percent increase in revenue collection in the first quarter of 2025, amassing a total of N1.75 trillion compared to N1.34 trillion recorded during the same period in 2024.
According to a statement issued on Tuesday, April 22, in
Abuja by the Comptroller-General of Customs, Adewale Adeniyi, revenue
collection in January stood at N647 billion, followed by N540 billion in
February and N563.5 billion in March. He noted that the quarterly benchmark of
N1.645 trillion, set against the annual target of N6.58 trillion, was exceeded
by N106.5 billion, achieving 106.47 percent of the projection.
“This outstanding performance represents a substantial
29.96% increase compared to the same period in 2024, where we collected
N1,347,705,251,658.31,” Adeniyi said.
He disclosed that the total trade value handled by the
Service in the first quarter of 2025 was N36.317 trillion. The Service
processed 327,928 Single Goods Declarations (SGDs) for imports, covering goods
with a total mass of 4.91 billion kilograms and a Cost, Insurance, and Freight
(CIF) value of N14.807 trillion.
On the export front, the CGC reported 8,153 export SGDs
processed in Q1 2025, reflecting a 6.4% drop from Q4 2024 and a 24.4% decline
from Q1 2024. Despite the reduced transactions, export mass hit 5.03 billion
kilograms, representing a 10% decrease from Q4 2024 but a 348% surge from Q1
2024. The CIF value of the exports was N21.51 trillion, marking a 19% increase
from Q4 2024 and stable in comparison to Q1 2024’s N21.58 trillion.
Adeniyi also highlighted the Service’s success in
anti-smuggling efforts during the period. He revealed that 298 seizures were
recorded with a total Duty Paid Value (DPV) of N7.698 billion, a 78.41%
increase from Q4 2024’s N4.315 billion. However, this figure marked a 19.70%
decrease from the N9.587 billion recorded in Q1 2024.
“Rice remained the most prevalent seized commodity, with 159
cases involving 135,474 bags valued at N939.309 million. Petroleum products
followed with 61 seizures totaling 65,819 liters (N43.336 million DPV). Of
particular note were 22 narcotics interceptions valued at N730.748 million,
reflecting our intensified focus on combating drug trafficking,” he said.
He added that the Service also recorded three high-value
wildlife product seizures with a total DPV of N5.653 billion, signaling both
the high profitability of illegal wildlife trade and Nigeria’s commitment to
environmental protection.
Other notable seizures included textile fabrics (13 cases,
N134.219 million DPV), retreaded tires (5 cases, N104.599 million DPV), and
pharmaceuticals (1 case, N17.188 million DPV). Adeniyi said these figures
underscore the NCS’s vigilance in enforcing compliance across all categories of
restricted goods.
Addressing economic challenges, Adeniyi said the first
quarter was marked by foreign exchange volatility and the implementation and
suspension of the Financial Customs Service Operation (FCSO), also known as the
four percent Free on Board (FOB) policy. He also cited the 14% reciprocal
tariff imposed on Nigerian exports by the United States as a significant
development with potential implications for the country’s export trade
“In March, we also faced uncertainty regarding the 14%
Reciprocal tariff imposed on Nigerian exports by the United States of America.
This development has potential implications for our export trade and requires
strategic diplomatic and policy responses,” he said.
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