The Nigeria Customs Service (NCS) has recorded a 29.96% increase in revenue collection for the first quarter of 2025, surpassing expectations.
Comptroller-General of Customs, Adewale Adeniyi, announced on Tuesday, April 22, that the agency collected ₦1.75 trillion, exceeding the quarterly benchmark of ₦1.645 trillion by ₦106.5 billion.
Revenue figures for the first quarter show steady growth:
- January: ₦647 billion
- February: ₦540 billion
- March: ₦563.5 billion
This performance surpasses the ₦1.34 trillion collected in the same period in 2024.
“This outstanding performance represents a substantial 29.96% increase compared to the same period in 2024,” Adeniyi stated.
Trade and Export Figures
The total trade value handled by the NCS in Q1 2025 reached ₦36.317 trillion.
For imports, the agency processed 327,928 Single Goods Declarations (SGDs), covering goods with a total mass of 4.91 billion kilograms and a Cost, Insurance, and Freight (CIF) value of ₦14.807 trillion.
Exports saw 8,153 SGDs processed, reflecting a 6.4% drop from Q4 2024 and a 24.4% decline from Q1 2024.
Despite fewer transactions, export mass hit 5.03 billion kilograms, marking a 348% surge from Q1 2024.
Anti-Smuggling Operations
The NCS recorded 298 seizures in Q1 2025, with a Duty Paid Value (DPV) of ₦7.698 billion.
“Rice remained the most prevalent seized commodity, with 159 cases involving 135,474 bags valued at ₦939.309 million,” Adeniyi said.
Other notable seizures included:
- Petroleum products: 61 cases, 65,819 liters (₦43.336 million DPV)
- Narcotics: 22 interceptions (₦730.748 million DPV)
- Wildlife products: 3 high-value seizures (₦5.653 billion DPV)
Adeniyi noted that foreign exchange volatility and the suspension of the Financial Customs Service Operation (FCSO) impacted trade.
He also addressed the 14% reciprocal tariff imposed by the United States on Nigerian exports, warning of potential trade implications.
“This development has potential implications for our export trade and requires strategic diplomatic and policy responses,” he said.
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