Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, has assured that the service will collaborate with the Federation Account Allocation Committee (FAAC) Post-Mortem Sub-Committee to evolve strategies aimed at boosting revenue generation and enhancing trade facilitation.
He explained that the joint effort seeks to identify innovative solutions to optimize revenue collection and streamline trade processes and ultimately promote economic growth and development in Nigeria.
Adeniyi, who stated this at the NCS Headquarters in Abuja, said there has been a rise in export activities and increasing trade facilitation since January 2024, added that a new terminal has been dedicated to export-related operations.
He said regular meetings are held with exporters to discuss their challenges and determine how the service can be of help, adding that to make things easier, the NCS advocates a special lane for export-leading containers to increase speed and turn-around time.
“We are conducting a Time Release Study (TRS) which is to determine how long and how much it takes to conduct an average business transaction. And so, we are concentrating on both exports and imports. When we can determine where these delays are, we will be able to conduct a Post-Mortem and find out what needs to be amended to increase revenue generation,” he stated.
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Continuing, Adeniyi, who disclosed that the Advanced Ruling has been introduced for predictability to know how the trade turns out within a specified time, said: “Authorized Economic Operators have been launched to identify compliant economic entities we can give VIP treatment and facilitate their processes.
He, however, noted that the fluctuating exchange rate in recent times has affected cargo throughput, revenue generation and trade facilitation negatively.
Responding, Chairman, FAAC Post-Mortem Sub-Committee, Kabir Mashi, commended the service for the revenues generated into the federation account and swift response to issues.
While declaring FAAC’s support to assist the NCS in achieving trade facilitation, he urged the Comptroller-General to work towards improving revenue collection into the federation’s account.
