Customs Revenue Rises To N1.75 Trillion In Q1 2025

The Nigeria Customs Service (NCS) has announced a notable 29.96 percent rise in revenue collection for the first quarter of 2025, generating a total of N1.75 trillion, compared to N1.34 trillion collected during the same period in 2024.

In a statement released on Tuesday, April 22, in Abuja by the Comptroller-General of Customs, Adewale Adeniyi, revenue collection was reported as N647 billion in January, N540 billion in February, and N563.5 billion in March. He noted that the quarterly target of N1.645 trillion, set against the annual goal of N6.58 trillion, was surpassed by N106.5 billion, achieving 106.47 percent of the projection.

“This outstanding performance represents a substantial 29.96% increase compared to the same period in 2024, where we collected N1,347,705,251,658.31,” Adeniyi said.

He revealed that the total trade value processed by the Service in the first quarter of 2025 amounted to N36.317 trillion. The Service handled 327,928 Single Goods Declarations (SGDs) for imports, covering goods with a total mass of 4.91 billion kilograms and a Cost, Insurance, and Freight (CIF) value of N14.807 trillion.

Regarding exports, the CGC stated that 8,153 export SGDs were processed in Q1 2025, indicating a 6.4% decline from Q4 2024 and a 24.4% drop from Q1 2024. Despite fewer transactions, the export mass reached 5.03 billion kilograms, reflecting a 10% decrease from Q4 2024 but a 348% increase from Q1 2024. The CIF value of exports was N21.51 trillion, showing a 19% rise from Q4 2024 and stability compared to Q1 2024’s N21.58 trillion.

Adeniyi also emphasized the Service’s achievements in anti-smuggling operations during the period. He reported 298 seizures with a total Duty Paid Value (DPV) of N7.698 billion, a 78.41% increase from Q4 2024’s N4.315 billion. However, this amount represented a 19.70% decrease from the N9.587 billion recorded in Q1 2024.

“Rice remained the most prevalent seized commodity, with 159 cases involving 135,474 bags valued at N939.309 million. Petroleum products followed with 61 seizures totaling 65,819 liters (N43.336 million DPV). Of particular note were 22 narcotics interceptions valued at N730.748 million, reflecting our intensified focus on combating drug trafficking,” he said.

He further noted that the Service recorded three high-value wildlife product seizures with a total DPV of N5.653 billion, highlighting both the lucrative nature of illegal wildlife trade and Nigeria’s dedication to environmental conservation.

Other significant seizures included textile fabrics (13 cases, N134.219 million DPV), retreaded tires (5 cases, N104.599 million DPV), and pharmaceuticals (1 case, N17.188 million DPV). Adeniyi stated that these figures demonstrate the NCS’s diligence in enforcing compliance across all categories of restricted goods.

Commenting on economic challenges, Adeniyi noted that the first quarter was characterized by foreign exchange fluctuations and the implementation and subsequent suspension of the Financial Customs Service Operation (FCSO), also known as the four percent Free on Board (FOB) policy. He also mentioned the 14% reciprocal tariff imposed on Nigerian exports by the United States as a key development with potential consequences for the country’s export trade.

“In March, we also faced uncertainty regarding the 14% Reciprocal tariff imposed on Nigerian exports by the United States of America. This development has potential implications for our export trade and requires strategic diplomatic and policy responses,” he said.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli