– Import and export trade hits N36.3trn

By Obas Esiedesa, Abuja

The Nigeria Customs Service (NCS) disclosed on Tuesday that it recorded a 29.96 percent increase in revenue collection in the first quarter of 2025, generating N1.75 trillion compared to N1.34 trillion over the same period in 2024.

A breakdown of the revenue shows that N647 billion was collected in January, followed by N540 billion in February and N563.5 billion in March 2025.

Comptroller-General of Customs, Adewale Adeniyi, stated in Abuja that against the agency’s annual revenue target of N6.58 trillion, the first quarter’s proportional benchmark was N1.645 trillion.

He noted that the amount collected exceeded the target by N106.5 billion, representing 106.47 percent of the quarterly projection.

“This outstanding performance represents a substantial 29.96% increase compared to the same period in 2024, where we collected

N1,347,705,251,658.31”, he added.

He disclosed further that the total trade value handled by the Service in Q1 2025 amounted to

N36.317 trillion.

The breakdown showed that during the first quarter of 2025, the Service processed a total of 327,928 Single Goods Declarations (SGDs) for imports, handling goods with a total mass of 4,910,640,283.33 kilograms and a Cost, Insurance, and Freight (CIF) value of N14.807 trillion.

For exports, the CGC disclosed that in Q1 2025, the Service processed 8,153 export shipments (SGDs), representing a 6.4% decrease from Q4 2024 (8,710 SGDs) and a 24.4% decline from Q1 2024 (10,786 SGDs).

“Despite fewer transactions, export mass reached

5.03 billion kilograms – a 10% reduction from Q4 2024’s 5.58 billion kg but a remarkable 348% increase from Q1 2024’s 1.12 billion kg. The CIF value stood at N21.51 trillion, showing a 19% increase from Q4 2024’s N18.07 trillion while remaining stable compared to Q1 2024’s N21.58 trillion”, he added.

He reported that the NCS also recorded successes in the fight against smuggling.

According to him, the Nigeria Customs Service maintained robust anti-smuggling operations during the first quarter of 2025, recording 298 seizures with a total Duty Paid Value (DPV) of N7.698 billion.

“This represents a significant 78.41% increase compared to the N4.315 billion recorded in Q4 2024, demonstrating heightened operational effectiveness. However, when compared to Q1 2024’s N9.587 billion the Service observed a 19.70% reduction”.

He pointed out that “rice remained the most prevalent seized commodity, with 159 cases involving 135,474 bags valued at N939.309 million. Petroleum products followed with 61 seizures totaling 65,819 liters (N43.336 million DPV). Of particular note were 22 narcotics interceptions valued at N730.748 million, reflecting our intensified focus on combating drug trafficking.

“The Service also recorded three high-value wildlife product seizures with a remarkable N5.653 billion DPV, underscoring both the lucrative nature of this illegal trade and our commitment to environmental protection under international conventions.

“Other notable seizures included textile fabrics (13 cases, N134.219 million DPV), retreaded tires (5 cases, N104.599 DPV), and pharmaceuticals (1 case, N17.188 million DPV). These comprehensive results demonstrate the Service’s vigilance across all categories of prohibited and restricted goods”, he stated.

CGC Adeniyi noted that during the first quarter, volatility in the foreign exchange rate and implementation and subsequent suspension of the Financial Customs Service Operation (FCSO), also known as the four percent FOB.

“In March, we also faced uncertainty regarding the 14% Reciprocal tariff imposed on Nigerian exports by the United States of America. This development has potential implications for our export trade and requires strategic diplomatic and policy responses”, he added.