Despite economic headwinds, the Nigeria Customs Service has announced that the Service's revenue collection for Q1 2025 totalled ₦1,751,502,252,298.05 (One Trillion, Seven Hundred and Fifty-One Billion, Five Hundred and Two Million, Two Hundred and Fifty-Two Thousand, Two Hundred and Ninety-Eight Naira, Five Kobo).
Comptroller General of Customs, Bashir Adewale Adeniyi, during a press briefing at the Nigeria Customs Service Corporate Office today, 22nd April 2025, in Abuja, revealed that against the service's annual target of ₦6,580,000,000,000.00, the first quarter's proportional benchmark stood at ₦1,645,000,000,000.00.
"I'm proud to announce we've exceeded this target by ₦106.5 billion, achieving 106.47% of our quarterly projection. This outstanding performance represents a substantial 29.96% increase compared to the same period in 2024, where we collected ₦1,347,705,251,658.31.
"Our month-by-month analysis reveals even more encouraging details of this growth trajectory. January's collection of ₦647,880,245,243.67 not only surpassed its monthly target of ₦548.33 billion by 18.12%, but also showed a remarkable 65.77% year-on-year growth.
"February's ₦540,105,439,535.18 exceeded its target by 1.3% while achieving 19.97% growth over 2024 figures. March maintained this positive trend with ₦563,516,567,519.20, delivering 2.7% above target and an 11.22% improvement over March 2024." he affirmed
CG Adeniyi said these results substantiate the service's effective measures to curb revenue losses while streamlining compliant trade. "The 29.96% annual increase and steady monthly collections confirm our strategy is working. We'll maintain this momentum through rigorous enforcement and strengthened partnerships," he noted
He also revealed that the Service encountered several challenges during the quarter that impacted their operations and performance. Chief among these was exchange rate volatility, which continued to affect trade patterns and customs valuation.
"During Q1 2025, we recorded 62 changes in the exchange rate, ranging from a minimum of ₦1,477.72 to a maximum of ₦1,569.53 per USD, with an average rate of ₦1,521.59.
"This volatility, though slightly moderated compared to the previous quarter (Q4 2024) which saw rates as high as ₦1,688.28, continues to create uncertainty for traders and affects the predictability of import costs. We have been working closely with the Central Bank of Nigeria and the Federal Ministry of Finance to implement measures aimed at stabilizing the exchange rate for import declarations." he said
Another significant challenge according to the CG was the implementation and subsequent suspension of the Financial Customs Service Operation (FCSO), also known as the four percent FOB. This development created temporary operational adjustments for both the Service and our stakeholders.
"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.
"Non-compliance, particularly in the form of smuggling, remains a persistent challenge despite our enhanced enforcement efforts. We continue to adapt our strategies to combat increasingly sophisticated smuggling networks, leveraging technology and intelligence-led operations to tackle this threat to our economy and security," he noted
Comptroller General of Customs, Bashir Adewale Adeniyi, commended all personnel of the Nigeria Customs Service for their dedication, professionalism, and hard work. "Your commitment continues to drive our achievements and reinforces our position as a critical institution in Nigeria's economic and security architecture, "he affirmed