FG eyes $250bn revenue through Customs automation

The Federal Government says it is to generate over $250bn through the ongoing Customs Modernisation Project of the Nigeria Customs Service.

The NCS said this on Tuesday.

It said the CMP is the automation of the business processes of the NCS to simplify and enhance the experience of stakeholders in the trade value chain, making it easy to obtain import and export clearances, pay duties and obtain the release of goods.

This came as the service announced that it has successfully tested the use of drones and body cameras to counter the smuggling of goods at borders ahead of its deployment under the Customs Modernisation Project.

It disclosed this during the media tour and sensitisation of the Trade Modernisation Project activities in Abuja, where the service provided details about the functions of the TMP.

In a document made available to journalists by the TMP on the frequently asked questions about the Customs Modernisation Project, it was stated that the initiative would significantly grow the Federal Government’s revenue.

“The major advantage of the project is the significant growth in the revenue profile of the Federal Government. The project will generate in excess of $250bn for the Federal Government over the life of the concession.

“The project will bring Nigeria at par with the rest of the world in the deployment of technology to facilitate international trade. The economic diversification activities of the Federal Government will receive a strong boost by providing further ease of cross-border trading,” it stated.

The Customs Modernisation Project involves a public-private partnership framework which entails that the project sponsor incorporates a special-purpose vehicle.

The SPV in this case is the Trade Modernisation Project Limited, which is the concessionaire handling the project for a 20-year period that started in 2022.

Speaking to journalists on the sidelines of the tour, a Chief Superintendent of Customs, Bukola Omoniyi, explained that various software had been deployed in the project to counter smuggling and boost revenue for the country through the NCS.

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