The Nigerian Customs Service (NCS) has announced a significant milestone, collecting over N4.29 trillion in revenue from January to September 2024.

This impressive feat surpasses the total revenue collected in 2023, which stood at N3.21 trillion.

The Comptroller General of Customs, Bashir Adewale Adeniyi, represented by the Customs Area Controller of the Tin Can Island Port Command of the Service, Comptroller Dera Nnadi, revealed this during the Finance and Business Online Publishers (FiBOP) 2024 Capacity Building Workshop in Lagos.

By this performance, the NCS has already achieved approximately 80% of its annual revenue target of N5.3 trillion for 2024, with three months remaining in the year.

This remarkable progress is attributed to the Service’s strategic deployment of digital technology, digitalization, ICT, and innovation in its business processes.

Comparing the current year’s revenue to previous years, the NCS collected N2.6 trillion in 2022 and N3.21 trillion in 2023.

The significant increase in revenue collection demonstrates the effectiveness of the Service’s digital transformation efforts.

Industry experts identify exchange rate fluctuations, introduction of Vehicle Identification Numbers (VIN), digital infrastructure, and export promotion as key factors contributing to the NCS’s revenue growth.

The exchange rate fluctuations have contributed to the increase in revenue, while the VIN has improved valuation and reduced human interference.

Additionally, the adoption of digital infrastructure has enhanced transparency and accountability in import duty collection.

The government’s efforts to promote exports have also contributed to the revenue growth.

The NCS’s commitment to digital transformation and innovation has enabled it to achieve remarkable revenue growth in 2024.

As the NCS continues to leverage technology to improve its operations, it is likely to achieve higher revenue targets and contribute significantly to the country’s economic development.

The Service’s progress serves as a testament to the potential of digitalization in enhancing revenue collection and promoting economic growth.