Nigeria Customs Service (NCS) recorded a remarkable N136.65 trillion in export value for 2024, marking an extraordinary 219.5% increase from N42.77 trillion in 2023.
This surge reflects the country’s growing competitiveness in global markets, despite facing challenging global economic conditions.
The announcement was made by Bashir Adewale Adeniyi, Comptroller-General of Customs, on January 14, 2025, during a press briefing at the NCS Corporate Headquarters in Maitama, Abuja, as shared in a statement on the Service’s official Facebook page.
The Comptroller-General explained that the NCS’s export trade performance in 2024 saw the number of export transactions remain relatively stable at 38,199, slightly down from 38,294 in 2023. However, the volume of exports surged significantly, with 12.35 billion kilograms processed in 2024, compared to just 3.70 billion kilograms in 2023.
“Our export trade performance was equally impressive, with the total Cost, Insurance, and Freight (CIF) value rising significantly to N136.65 trillion in 2024 from N42.77 trillion in 2023, marking a 219.5% increase. While the number of export transactions remained relatively stable at 38,199 compared to 38,294 in 2023, we witnessed a substantial increase in export volume, processing 12.35 billion kilograms in 2024 compared to 3.70 billion kilograms in 2023,” Adeniyi stated.
The Customs Boss further revealed that Nigeria’s import trade saw significant growth in 2024, with the NCS processing imports worth N60.29 trillion, a 117.4% increase from N27.74 trillion in 2023. This was achieved through 1,262,988 transactions, despite an 8.2% decline in transaction volume from the previous year. The total mass of imported goods reached 15.35 billion kilograms, reflecting a shift toward higher-value products.
Adeniyi also highlighted that the total trade value handled by the NCS in 2024 reached N196.94 trillion, a 179.3% rise from N70.50 trillion in 2023, underscoring Nigeria’s evolving international trade landscape and its potential for sustained economic growth.
More insight
The Comptroller-General of Customs attributed the success to the Nigeria Customs Service’s modernization efforts.
- He noted that the 2024 launch of the Advanced Ruling System streamlined pre-arrival classifications and valuations, reducing delays and improving predictability in customs transactions.
- Key initiatives like the Authorized Economic Operator (AEO) program have significantly enhanced trade facilitation. AEO-certified companies now clear cargo in an average of 43 hours, a 66.9% reduction from the previous five-day period, boosting export efficiency.
- Nigeria also piloted the indigenous customs clearance platform, B’Odogwu, which processed N31 billion in revenue by late 2024, enhancing operational efficiency.
- Additionally, strengthened international partnerships have improved intelligence sharing, aiding security and the fight against illicit trade, while boosting Nigeria’s reputation as a reliable trade partner.
The NCS has also focused on supporting SMEs and exporters, particularly under the African Continental Free Trade Agreement (AfCFTA). This was showcased at the Biashara Afrika forum in Kigali, highlighting Nigeria’s leadership in regional trade facilitation.
