Nigeria Customs hits N1.023Trillion Revenue in first half of 2024

The Nigeria Customs Service, in its latest monthly bulletin, has disclosed that the Apapa Area command achieved a revenue collection of N1.023 trillion during the first half of 2024. This figure marks an increase of more than 14% compared to the revenue generated in 2023.

This growth may be attributed to the depreciation of the currency. The additional revenue arrives at a pivotal moment for Nigeria’s economy. However, it is essential for the Nigeria Customs Service to maintain a balance between revenue generation and the facilitation of trade. An excessive emphasis on revenue collection could lead to practices that prioritize maximizing income at the expense of trade facilitation efforts.

Therefore, the Nigeria Customs Service should focus on streamlining customs procedures and alleviating congestion at the ports. The Customs service should aim to position Nigerian ports as the preferred shipping hub within the continent.