Business

Custom generates ₦1.75trn in Q1 2025

By Stella Odueme

The Nigeria Custom Service has declared revenue collection for Q1 2025 totalling
₦1,751,502,252,298.05 against the first quarter’s proportional benchmark which stood at ₦1,645,000,000,000.00, thus exceeding this target by ₦106.5 billion, achieving 106.47% of its quarterly projection.

The Comptroller General of Custom, Bashir Adewale Adeniyi while speaking on the activities of NCS for the first quarter of 2025 in Abuja said the service annual target is ₦6,580,000,000,000.00,

“Let me summarize where we stand after Q1: We’ve collected ₦1.75 trillion despite economic headwinds, intercepted ₦7.7 so billion worth of smuggled goods, and rolled out practical solutions like the B’Odogwu platform. The numbers show we’re delivering.

“This outstanding performance represents a substantial 29.96% increase compared to the same period in 2024, where we collected
₦1,347,705,251,658.31.”

He disclosed that month-by-month analysis reveals even more encouraging details of this growth trajectory, saying; “January’s collection of ₦647,880,245,243.67 not only surpassed its monthly target of ₦548.33 billion by 18.12%, but also showed a remarkable 65.77% year-on-year growth. February’s ₦540,105,439,535.18 exceeded its target by 1.3% while achieving 19.97% growth over 2024 figures.

“March maintained this positive trend with ₦563,516,567,519.20, delivering 2.7% above target and an 11.22% improvement over March 2024.”

The CGC stressed that these results substantiate effective measures to curb revenue losses while streamlining compliant trade.

“The 29.96% annual increase and steady monthly collections confirm our strategy is working. We’ll maintain this momentum through rigorous enforcement and strengthened partnerships,” he noted.

He said that NCS maintained robust anti-smuggling operations during the first quarter of 2025, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7,698,557,347.67.

“This represents a significant 78.41% increase compared to the ₦4,315,162,568.35 recorded in Q4 2024, demonstrating heightened operational effectiveness. However, when compared to Q1 2024’s
₦9,587,256,998.05, the Service observed a 19.70% reduction in DPV,” Adeniyi said.

He however identified as major challenge exchange rate volatility, which he said continued to affect trade patterns and customs valuation.

“During Q1 2025, we recorded 62 changes in the exchange rate, ranging from a minimum of ₦1,477.72 to a maximum of ₦1,569.53 per USD, with an average rate of ₦1,521.59.”

He expressed gratitude to the officers and men of the Nigeria Customs Service for their dedication, professionalism, and hard work.

“Your commitment continues to drive our achievements and reinforces our position as a critical institution in Nigeria’s economic and security architecture.

“We also acknowledge the support of the Federal Government, particularly His Excellency, President Bola Ahmed Tinubu, GCFR, and the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, for their guidance and enabling environment that have facilitated our operations.

*To our stakeholders – the trading community, partner government agencies, and international partners – we appreciate your cooperation and constructive engagement. We remain committed to fostering these relationships as we work together to advance Nigeria’s trade interests and economic development.”

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