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Nigeria Customs Records N196.94 Trillion Trade Value in 2024, Up 179%

The Nigeria Customs Service (NCS) achieved a groundbreaking trade value of N196.94 trillion in 2024, marking a 179.3% rise from N70.50 trillion in 2023, Comptroller-General Adewale Adeniyi announced on Tuesday.

Adeniyi attributed this remarkable growth to strategic modernization and enhanced service delivery efforts initiated at the start of the year.

“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% increase,” he stated.

Imports contributed N60.29 trillion, a 117.4% rise from N27.74 trillion in 2023, despite an 8.2% drop in transaction volume to 1,262,988. The total import mass reached 15.35 billion kilograms, signaling a shift toward higher-value goods.

Exports saw an even more dramatic boost, with a CIF value of N136.65 trillion—up 219.5% from N42.77 trillion in 2023. The export mass surged 234%, totaling 12.35 billion kilograms, while the number of transactions remained steady at 38,199.

“This substantial increase in export mass and value indicates robust growth in Nigeria’s export trade and highlights the rising competitiveness of Nigerian products in the global market,” Adeniyi noted.

Key to this success was the introduction of “B’Odogwu,” an indigenously developed customs clearance platform, alongside advancements in technological infrastructure. The NCS also began transitioning to its new corporate headquarters, expected to be fully operational by the first quarter of 2025.

Additionally, the NCS secured approval to establish the Nigeria Customs Service University for Trade and Technology in Badagry, Lagos, aiming to boost operational efficiency and improve service delivery.

“These milestones reflect the increasing sophistication of Nigeria’s international trade and the success of our trade facilitation measures,” Adeniyi concluded.

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