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The Nigeria Customs Service (NCS) Tuesday said the country recorded N66.34trillion trade surplus in 2024.

Comptroller-General, Adewale Adeniyi, on activities of the NCS last year, said during the year, the country recorded NN136.65 trillion export and N60.29 trillion import, an indication of N66.34 trillion trade surplus.
According to him, the total trade volume in 2024 was N196.94 trillion.
His words: “The trade performance data for 2024 reflects significant growth in trade value despite global economic headwinds.
“The Service processed imports with a Cost, Insurance, and Freight (CIF) value of N60.29 trillion in 2024, representing a remarkable 117.4per cent 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.
“The higher value recorded despite an 8.2per cent 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.
“Our export trade performance was equally impressive, with the total CIF value rising significantly to N136.65 trillion in 2024 from N42.77 trillion in 2023, marking a 219.5per cent increase…The total trade value handled by the Service in 2024 amounted to N196.94 trillion, compared to N70.50 trillion in 2023, representing a 179.3per cent increase.”
Attributing the growth to the effectiveness of trade facilitation, he said the “substantial growth in trade value, achieved with fewer but more valuable transactions, is evident of the increasing sophistication of Nigeria’s international trade and the effectiveness of our trade facilitation measures.”
He said the NCS raked in N6.10trillion revenue from the N3.2 trillion recorded in the previous year.
Adeniyi said: “I am pleased to announce that the Nigeria Customs Service has again recorded another unprecedented performance in revenue collection for the year 2024. The Service collected a total sum of N6,105,315,543,489.50 (Six Trillion, One Hundred and Five Billion, Three Hundred and Fifteen Million, Five Hundred and Forty-Three Thousand, Four Hundred and Eighty-Nine Naira, Fifty Kobo), surpassing our target of N5,079,069,866,085.50 by N1,026,245,677,404.00, representing a 20.2per cent increase above the target.
“This remarkable achievement represents a significant 90.4per cent increase from our 2023 collection of ₦3,206,583,002,675.65. The growth is historic as it marks the highest Year-on-Year increase recorded by the Service in recent times, surpassing the 52.24per cent growth recorded in 2022 by 38.18 percentage points.”
He said the Service achieved another milestone in October 2024 by recording the highest monthly collection ever of ₦603billion.
Adeniyi said the collections were achieved despite significant concessions granted to support various sectors of the economy, totaling ₦1.68 trillion.
He added that the concessions comprised ₦723 billion in import duty waivers, ₦372billion in other levy concessions, and ₦586billion in import Value Added Tax (VAT) relief.
Without the concessions, said Adeniyi, the NCS would have raked in N7.6trillion last year.
According to him, the strategic concessions were granted to stimulate economic growth, support industrial development, and enhance the overall business environment in line with government policy objectives.
He noted that the concession value represents a significant reduction from the ₦3,95billion recorded in 2023.
Adeniyi said: “This reduction is a direct result of our enhanced monitoring mechanisms and strategic reforms aimed at blocking loopholes and eliminating abuses in the concession granting process, ensuring that only genuine and qualifying enterprises benefit from these incentives.
Giving a breakdown of the revenue collection, he said the total revenue collected for 2024 comprises three main components: Federation Account Collections. The sum of ₦3,657,063,981,445.42 was collected into the Federation Account, consisting of Import Duty, Excise Duty, Fees, E-Auction proceeds, and CET Levy.
“Non-Federation Account Levies. A total of ₦816,902,844,844.73 was collected as Non-Federation Account Levies.
“Value Added Tax (VAT). The Service collected ₦1,631,348,717,199.35 as VAT on imports,” he said.
He announced the approval of the establishment of the Nigeria Customs Service University, in Badagry, Lagos State, this year.
On anti- smuggling/enforcement, Adeniyi said the NCS recorded 3,555 seizures in the year under review.
Adeniyi said the most important among the seizures were 900 arms and 113,472 rounds of ammunition and the interception of narcotics and other illicit drugs, resulting in 105 seizures across various forms that were aided by the declaration of a state of emergency at our major entry points.
He said: “Particularly noteworthy were the seizures of arms and ammunition, including 900 arms and 113,472 rounds of ammunition and the interception of narcotics and other illicit drugs, resulting in 105 seizures across various forms that were aided by the declaration of a state of emergency at our major entry points.
“The Service also intercepted unauthorized pharmaceutical products, with 40 seizures including 175,676 pieces and 6,271 cartons of various medicaments valued at ₦3.04 billion, protecting public health from potentially dangerous counterfeit drugs.”
He further said the operation of the Service in partnership with the Office of the National Security Adviser (ONSA) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recorded 1,716,656 litres of petroleum products in the year under review.
He said the enforcement of the NCS has culminated in the arrest of 55 suspects that are now under investigation.
Adeniyi said: “Worthy of note is the launch of operation Whirlwind with the support of ONSA and the NMDPRA under the Nigeria Petroleum Corporation Limited (NNPC Ltd).
“This operation resulted in the seizure of significant quantities of petroleum products totaling 1,716,656 litres from saboteurs diverting petroleum products intended for home use to neighbouring countries. Most significantly, our enforcement activities have yielded 55 arrests of suspects currently under investigation as we continue to dismantle the criminal networks behind these activities.
“This comprehensive approach to enforcement, aligned with both national security objectives and international obligations, positions the NCS as a crucial actor in the nation’s security architecture as we continue to facilitate legitimate trade.”

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