The Nigeria Customs Service (NCS) has reported a significant 29.96 percent increase in revenue collection in the first quarter of 2025, amassing a total of N1.75 trillion compared to N1.34 trillion recorded during the same period in 2024.
According to a statement issued on Tuesday, April 22, in Abuja by the Comptroller-General of Customs, Adewale Adeniyi, revenue collection in January stood at N647 billion, followed by N540 billion in February and N563.5 billion in March. He noted that the quarterly benchmark of N1.645 trillion, set against the annual target of N6.58 trillion, was exceeded by N106.5 billion, achieving 106.47 percent of the 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,” Adeniyi said.
He disclosed that the total trade value handled by the Service in the first quarter of 2025 was N36.317 trillion. The Service processed 327,928 Single Goods Declarations (SGDs) for imports, covering goods with a total mass of 4.91 billion kilograms and a Cost, Insurance, and Freight (CIF) value of N14.807 trillion.
On the export front, the CGC reported 8,153 export SGDs processed in Q1 2025, reflecting a 6.4% drop from Q4 2024 and a 24.4% decline from Q1 2024. Despite the reduced transactions, export mass hit 5.03 billion kilograms, representing a 10% decrease from Q4 2024 but a 348% surge from Q1 2024. The CIF value of the exports was N21.51 trillion, marking a 19% increase from Q4 2024 and stable in comparison to Q1 2024’s N21.58 trillion.
Adeniyi also highlighted the Service’s success in anti-smuggling efforts during the period. He revealed that 298 seizures were recorded with a total Duty Paid Value (DPV) of N7.698 billion, a 78.41% increase from Q4 2024’s N4.315 billion. However, this figure marked a 19.70% decrease from the N9.587 billion recorded in Q1 2024.
“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,” he said.
He added that the Service also recorded three high-value wildlife product seizures with a total DPV of N5.653 billion, signaling both the high profitability of illegal wildlife trade and Nigeria’s commitment to environmental protection.
Other notable seizures included textile fabrics (13 cases, N134.219 million DPV), retreaded tires (5 cases, N104.599 million DPV), and pharmaceuticals (1 case, N17.188 million DPV). Adeniyi said these figures underscore the NCS’s vigilance in enforcing compliance across all categories of restricted goods.
Addressing economic challenges, Adeniyi said the first quarter was marked by foreign exchange volatility and the implementation and suspension of the Financial Customs Service Operation (FCSO), also known as the four percent Free on Board (FOB) policy. He also cited the 14% reciprocal tariff imposed on Nigerian exports by the United States as a significant development with potential implications for the country’s export trade.
“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 said.