President Bola Tinubu said on Wednesday, said that Nigeria’s economic policies are currently yielding positive results, which he said has been reflected in the significant surge in foreign direct investments, which has exceeded $30 billion in the past year.
Tinubu emphasised the administration’s focus on enhancing Nigeria’s role in global trade, with initiatives to improve trade facilitation, modernise port infrastructure, and streamline business processes to remove trade barriers.
The President disclosed this in Abuja during the 2024 Comptroller General of Customs (CGC) conference with the theme “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose.”
Tinubu, represented by the National Security Adviser, Nuhu Ribadu, noted that his vision for economic reform remains unchanged, adding that his administration focuses on strengthening what works, refining what needs improvement, and introducing new initiatives where gaps exist.
“Our commitment to creating an enabling business environment has resonated with the international investment community. The confidence in our economy is reflected in the significant surge in foreign direct investments, which has exceeded $30 billion in the past year,” he said.
“This achievement demonstrates that our policies are yielding positive results, making Nigeria increasingly attractive for both domestic and international investors. More importantly, these improvements are creating new opportunities for Nigerian businesses to participate more actively in global trade.”
He assured of his administration’s commitment to supporting the Nigeria Customs Service in its modernisation and reform initiatives while providing the necessary policy backing and enablement required to strengthen the service’s capacity to deliver on its mandates.
In his remarks, the Comptroller-General of Customs (CGC), Adewale Adeniyi, highlighted the Service’s focus on partnerships to foster security, innovation, and economic growth.
He noted that the service has reached its 2024 revenue target, generating NGN 5.07 trillion with more than a month remaining in the fiscal year.
He highlighted the service’s ongoing modernisation efforts, emphasising that engaging both traditional and emerging partners was crucial to effectively combating smuggling, addressing illicit trade, and improving customs revenue collection.
“I am pleased to announce that yesterday, 12 November 2024, at exactly 13:10 Hrs, the Nigeria Customs Service hit its 2024 revenue target of NGN 5.07 trillion, collecting NGN 5,079,455,088,194.38 with more than a month remaining in the fiscal year.
“This exceptional performance—projected to exceed our target by 10%—validates our partnership-driven approach to revenue collection and trade facilitation.
“The achievement is not merely about numbers; it demonstrates how enhanced stakeholder collaboration, improved processes, and modernised systems can deliver tangible results for our nation’s economy.”
Adeniyi also noted that the Service seized arms, ammunition, and pharmaceuticals worth NGN 28.1 billion, mentioning a recent state of emergency declared at major ports that led to the interception of 48 containers of illicit pharmaceuticals and narcotics.
In her address, the Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, addressed the need for Nigerian agencies to work closely with Customs to streamline border processes.
She said: “This week, the WTO members will be reviewing Nigeria’s trade policy. I urge you all to look at the WTO Secretary’s report on Nigeria’s trade policy review, which provides valuable insights on Nigeria’s trade policy environment and how it could be improved. The report will be posted on our website on November 13, 2024.”
GUARDIAN NEWSPAPER
