Nigeria Customs Services Corporation (NCS) reported that 29.96% of revenue collection in the first quarter of 2025 increased by 29.96%, compared with N1.34 trillion n1.34 trillion n1.75 trillion recorded in the same period in 2024.
According to a statement issued in Abuja on Tuesday, April 22, the revenue of N647 billion guilds in January was N54 billion guilds, followed by N56333 billion in February and N56333 billion in March. He pointed out that the quarterly benchmark for annual N6.58 trillion N6.58 trillion N1.645 trillion N1.645 trillion exceeded N1.065 billion, accounting for 106.47% of the projection.
“This outstanding performance accounted for 29.96% growth compared to the same period in 2024, and we collected N1,347,705,251,658.31,” Adeniyi said.
He revealed that the total trade value processed by the service in the first quarter of 2025 was N36.317 trillion. The service processed 327,928 single commodity statements (SGDs) for imports, covering a total mass of 4.91 billion kg, with a cost, insurance and freight (CIF) value of 14.807 trillion n14.807 trillion.
In terms of exports, the CGC reported 8,153 export SGDs processed in Q1 2025, reflecting a 6.4% decline of 6.4%, a 24.4% decrease from Q4 2024. Despite the reduction in transactions, reduced export quality, reduced quality by 50.3 billion kg, a 10% reduction of Ext ext, but the time consumed was 4 2024%, but CAR 348888802.202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020202020.
Adeniyi also highlighted the service’s success in counter-step efforts during this period. He revealed that 298 seizures were recorded, with a total tax value (DPV) of 7.69 billion guilds, an increase of 78.41% from the 431.5 billion guilds in 2024 in the fourth quarter. However, this figure is down 19.70% from the 2024 record of 9.587 billion guild in Q1.
“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 interferences valued at N730.748 million, reflecting our intensified focus on combating drug trafficking,” he said.
He added that the service also recorded seizures of three high-value wildlife products with a total DPV of 5.653 billion guilds, indicating high profits in illegal wildlife trade and Nigeria’s commitment to environmental protection.
Other notable seizures include textile fabrics (13 cases, N134.29 million DPV), refurbished tires (5 cases, N104.599 million DPV), and medicines (1 case, 1 case, N1.788 million DPV). Adeniyi said the figures highlight NCS’ vigilance about compliance with all categories of restricted goods.
In response to economic challenges, Adeniyi said the first quarter was characterized by foreign exchange volatility and the implementation and suspension of Financial Customs Services Operations (FCSO), also known as the 4% Freedom on board (FOB) policy. He also cited the reciprocal tariffs of 14% of the U.S. exports to Nigeria, a major development that has had a potential impact on the country’s export trade.
“In March, we also face uncertainty on the 14% reciprocal tariffs on the United States of America’s exports to Nigeria. This development has potential implications for our export trade and requires a strategic diplomatic and policy response.”
