Economic Transformation Depends On Commitment, Innovation, Adaptation To Emerging Global Trends’
By Edu Abade
President Bola Ahmed Tinubu, yesterday, declared that sustained economic transformation requires commitment, innovation and adaptation to emerging global trends, insisting that as a country bent on creating a resilient and prosperous economy, his administration remains determined to deepen its integration into global value chains and strengthen its position as a reliable trading partner.
Tinubu, who was represented by the National Security Adviser (NSA), Nuhu Ribadu, stated this a the Nigeria Customs Service (NCS) annual conference in Abuja, maintaining that as a key facilitator of international trade and guardian of the nation’s borders, the Nigeria Customs will continue to play a fundamental role in advancing national economic objectives.
The President commended the NCS and Comptroller-General of Customs (CGC), Adewale Bashir Adeniyi for the sustained efforts at revenue generation and trade facilitation in the last one year, stressing that the success of his administration’s reform agenda significantly depends on the NCS’s ability to balance trade facilitation with regulatory compliance while fostering meaningful partnerships across board.
His words: “Sixteen months ago, my administration began with a clear and unwavering vision- to strengthen Nigeria’s economic base and deliver positive growth and development for the benefit of all Nigerians. This vision remains unchanged.
“In pursuing this vision, we have built upon existing foundations while introducing necessary reforms to adapt to our evolving economic realities. Our focus has been on strengthening what works, refining what needs improvement, and introducing new initiatives where gaps exist.
“We recognized that certain economic policies, though useful in their time, needed to be realigned with current global economic dynamics to better serve our national interests and the wellbeing of all Nigerians.”
The President explained that while building on the administration’s foundational reforms, the Federal Government has expanded its focus to strengthen Nigeria’s position in global trade and investment.
“Through strategic initiatives, we are enhancing trade facilitation, modernizing our port infrastructure and streamlining business processes to reduce barriers to trade. 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. 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 stated.
Speaking on the conference theme: Nigeria Customs Service: Engaging Traditional and New Partners with Purpose, CGC Adewale Adeniyi recalled the commitments the Nigeria Customs Service made during last year’s conference, which he said, reshaped its engagement with stakeholders in 2024.
“The Continental Declaration of 2023 marked a turning point in our approach to partnership- not just a document of promises, but a blueprint for transformation. Today, I stand before you to demonstrate how those commitments have evolved into tangible achievements.
“Our pledge was comprehensive and ambitious: modernizing our processes through a one-stop solution for cargo alerts, revolutionizing our ICT infrastructure, streamlining examination procedures, and embracing automation for enhanced efficiency.
“We committed to reimagining our free trade zone operations, elevating cargo integrity standards, and expanding our scanning capabilities. Above all, we promised to usher in a new era of customs operations-one built on transparency, efficiency and genuine collaboration with our partners,” he stated.
Adeniyi, who presented the performance scorecard of the Service in the last one year, informed that as of November 12, 2024, the NCS hit its 2024 revenue target of NGN N5.079 trillion, which he said has already surpassed its revenue target for the year.
“This performance-projected to exceed our target by 10 percent- validates our partnership-driven approach to revenue collection and trade facilitation. The achievement is not merely about numbers, as it demonstrates how enhanced stakeholder collaboration, improved processes and modernized systems can deliver tangible results for the Nigerian economy.
“The African Continental Free Trade Area Agreement (AfCFTA) Secretariat’s recognition of our innovative approaches led to an invitation to share Nigeria’s experience at the Biashara Afrika Forum in Kigali last month. This recognition culminated in a historic milestone-Nigeria’s first shipment under the, marking our country’s practical commitment to continental trade integration.”
Adeniyi, who gave details of other achievements of the Service under his leadership, said the momentum of the NCS’ modernization initiatives continues to build and yield immediate benefits for our stakeholders.
“With the support and collaboration of all stakeholders, we have successfully implemented several key reforms. Our Authorised Economic Operators (AEO) scheme now has six beneficiaries in its pilot phase, carefully selected based on stringent compliance criteria.
“The Advanced Ruling system has processed 31 requests, with 12 rulings issued-notably, 75 percent of these were completed in October following our stakeholder sensitization efforts, among others,” he added.
