Customs CG, FAAC join forces to boost revenue, streamline trade (Pictures)

May 22, 2024

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Customs CG, FAAC join forces to boost revenue, streamline trade (Pictures)

The Comptroller-General of the Nigeria Customs Service (NCS), Adewale Adeniyi, has embarked on a collaborative effort with the Federation Account Allocation Committee (FAAC) Post-Mortem Sub-Committee to develop innovative strategies aimed at enhancing revenue generation and trade facilitation.

This joint initiative seeks to identify effective solutions to optimize revenue collection and streamline trade processes, ultimately promoting economic growth and development in Nigeria.

Speaking at the NCS Headquarters in Abuja on May 20, 2024, Adeniyi revealed that there has been a significant rise in export activities since January 2024, leading to increased trade facilitation. He announced that a new terminal has been dedicated to export-related operations to further enhance efficiency.

“We are committed to supporting our exporters and making it easier for them to do business,” Adeniyi said. “We are advocating for a special lane for export-leading containers to increase speed and reduce congestion.”

Adeniyi also disclosed that the NCS is conducting a Time Release Study (TRS) to determine the time and cost of average business transactions, focusing on both exports and imports. “This study will help us identify areas where we can improve our processes and reduce costs for our stakeholders,” he explained.

Additionally, Adeniyi mentioned that the Authorized Economic Operators program has been launched to identify compliant economic entities and provide them with VIP treatment and fast-tracked processes. He also introduced the Advanced Ruling initiative, which aims to provide predictability and clarity on trade outcomes within a specified time.

However, Adeniyi noted that the fluctuating exchange rate has negatively impacted cargo throughput, revenue generation, and trade facilitation.

Chairman of the FAAC Post-Mortem Sub-Committee, Kabir Mashi, commended the NCS for its revenue generation and swift response to issues. He urged the Comptroller-General to continue working towards improving revenue collection and pledged FAAC support to aid trade facilitation.

This collaborative effort between the NCS and FAAC is expected to significantly boost Nigeria’s economic growth and development through enhanced revenue generation and streamlined trade processes.

See pictures below: