Nigeria customs records 117% increase in import value in 2024

The Nigeria Customs Service (NCS) says it recorded 117.4 per cent increase in import value in 2024.

The Comptroller-General (C-G) of the NCS, Adewale Adeniyi, disclosed this while briefing newsmen on Tuesday in Abuja.

Adeniyi said that the service processed imports with a Cost, Insurance, and Freight (CIF) value of N60.29 trillion in 2024, representing a remarkable 117.4 per cent increase from N27.74 trillion in 2023.

He said that the feat was achieved through 1.262 million import transactions, handling a total mass of 15.35 billion kilogrammes.

“The higher value recorded despite an 8.2 per cent decrease in transaction volume from the previous year’s 1.376 million 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 219.5 per cent increase.

“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 kilogrammes in 2024 compared to 3.70 billion kilogrammes in 2023.

“This 234 per cent 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.

According to Adeniyi, the trade value handled by the service in 2024 totaled N196.94 trillion, compared to N70.50 trillion in 2023, reflecting a 179.3 percent increase.

He said that the substantial growth in trade value, achieved with fewer but more valuable transactions, was evident of the increasing sophistication of Nigeria’s international trade and the effectiveness of its trade facilitation measures.

He said that in 2024, the NCS made progress in its technological infrastructure, including the pilot testing of its indigenously developed customs clearance platform, “B’Odogwu”.

He said that the progress was made possible with support from its concessionaires under the Trade Modernisation Project.

The customs boss said that another key milestone in 2024 was the commencement of its phased relocation to the new corporate headquarters, which began in the fourth quarter.

He said that the new headquarters was expected to be fully operational by the end of the first quarter of 2025.

According to him, the NCS has secured approval for the establishment of the Nigeria Customs Service University for Trade and Technology in Badagry, Lagos.

He said that it was part of efforts to enhance its operational efficiency and service delivery.

“This institution is envisioned to become a centre of excellence for customs and trade-related studies, contributing to capacity building in Nigeria and the West African region,” he said.