Customs targets N93tr revenue from modernisation project in 20yrs

The Nigerian Customs Service says it is targeting a minimum of N93 trillion ($200 billion) from its Trade Modernisation Project (TMP) in the next 20 years.

Daily Trust reports that in May 2022, former President Muhammadu Buhari approved the trade modernisation project which aims at digitising all transactions of the Nigerian Customs Service.

Subsequently, customs partnered with Trade Modernisation Project (TMP) Limited, under a Public Private Partnership (PPP) arrangement, for full automation of customs processes, to boost efficiency in service delivery.

Speaking at the launch in Abuja yesterday, Saleh Ahmadu, chairman, TMPL, said the project would bring more business growth and improve industrial capacity when completed.

Tinubu’s inauguration, good example for democracy – France

Petrol subsidy removal: Tinubu orders palliatives

“Under the terms of the concession agreement, TMP will invest a total of US$3.2 billion over a 20-year period, which will generate more than US$200 billion in revenue for the federal government. 

“The financing for the first phase of the project, in the sum of US$300 million, together with a cash backed US$9 Million Performance Bond in favour of the NCS, has been secured through our financial partners. A substantial part of this investment will go towards building the capacity of the NCS, ensuring business continuity, and managing the associated project risks. The retrofit of the Project Management Office (PMO) is part of this initial investment,” he said.

Also speaking, the Comptroller General of Customs, Col. Hameed Ali (rtd) said the project which was undertaken since 2015 would put the customs at the forefront of reform, restructuring, and revenue generation.

“The project, though initiated by NCS and became a presidential initiative and its deliverables, I believe it will have a transformative impact on reform, restructuring, and revenue generation across NCS. By leveraging technology effectively, NCS can adapt to changing market dynamics in trade, optimise our operations, and unlock new revenue streams, thereby contributing to economic growth and the well-being of our citizens,” he added.