The Nigeria Customs Service (NCS) has surpassed its 2024 revenue target, collecting N5.079 trillion by November 12, 2024, exceeding the N5.07 trillion target with over a month still remaining in the fiscal year. The announcement was made by Comptroller-General Adewale Adeniyi at the ongoing 2024 Comptroller-General of Customs Conference in Abuja, where he emphasized that this milestone demonstrates the success of the service’s partnership-driven approach to revenue collection. Adeniyi noted that improved stakeholder collaboration, modernized systems, and enhanced risk management have been pivotal in this achievement, which is projected to exceed the target by 10%.
The NCS’s efforts are not limited to revenue generation. Adeniyi highlighted significant strides in trade facilitation, such as the successful introduction of 24-hour cargo clearance at major ports, improved decision-making on import/export cargo, and a pilot phase for Authorised Economic Operators. Additionally, enforcement activities have led to unprecedented successes, including seizures worth N28.1 billion in 2024, aimed at protecting the economy and public safety from illicit goods like narcotics, arms, and wildlife products.
Meanwhile, the Federal Government of Nigeria, through the Ministry of Power, is actively pursuing a $10 billion investment to overhaul the country’s power sector. Minister of Power Adebayo Adelabu and Jobson Oseodion Ewalefoh, Director-General of the Infrastructure Concession Regulatory Commission (ICRC), discussed the urgent need for private sector involvement in the power sector. They agreed that collaboration through Public-Private Partnerships (PPP) would be critical in addressing the sector’s funding and technical challenges.
The goal is to provide regular electricity across Nigeria within the next five to ten years, with a funding gap of $10 billion. Adelabu emphasized that the government alone cannot shoulder the full financial burden, making private sector investment essential for progress. The ICRC, through its regulatory oversight, aims to streamline the PPP process to attract both local and foreign investments, with stringent conditions to ensure successful project delivery and prevent delays.
Both the NCS’s revenue achievement and the government’s power sector initiative reflect Nigeria’s ongoing efforts to modernize critical infrastructure and drive economic growth. While the NCS focuses on boosting fiscal revenue and security, the power sector overhaul seeks to address the country’s longstanding electricity challenges, creating an environment conducive to investment and sustainable development.
