Nigeria’s Foreign Direct Investments Exceeds $30 Billion, Says Tinubu
. Customs Revenue Hits N5.07 Trillion – Adeniyi
By Sulaimon Salau
President Bola Ahmed Tinubu has disclosed that the nation has recorded significant surge in Foreign Direct Investments (FDI), which exceeded $30 billion in the past year.
Tinubu who spoke at the Comptroller-General Of Customs Conference 2024, held in Abuja, said this feat demonstrates that the Federal Government’s policies are yielding positive results, making Nigeria increasingly attractive for both domestic and international investors.
The president who was represented by the National Security Adviser, Nuhu Ribadu, said these improvements are creating new opportunities for Nigerian businesses to participate more actively in global trade.
The president linked the success of these economic initiatives to the role of some strategic institutions and their dedicated personnel such as the Nigeria Customs Service (NCS).
He said: “I am pleased to note that the Nigeria Customs Service is one of the agencies that has risen to this expectation, demonstrating how government institutions can effectively contribute to our economic transformation agenda while fulfilling their core mandates.”
“Building on these foundational reforms, we have expanded our 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,” he said.
According to him, “The Nigeria Customs Service has shown remarkable progress in revenue generation, enhancing government’s capacity to fund critical national development projects. Through strategic reforms, the Service is strengthening Nigeria’s position as a trade-friendly nation, particularly in the areas of export promotion and port efficiency. This has contributed significantly to our improved global ranking in the ease of doing business.
“The Service has also demonstrated that effective trade facilitation can coexist with strong regulatory compliance, as evidenced by its enhanced border security and anti-smuggling operations. These achievements affirm our administration’s belief that public institutions, when properly aligned with national objectives, can effectively drive transformative change.
“While these results are encouraging, they represent only the beginning of what we can achieve through focused institutional reforms and alignment with national objectives,” Tinubu stated.
The Comptroller-General Of Customs, Bashir Adewale Adeniyi disclosed that the NCS servenue has hit N5.07 trillion as at yesterday (12 November 2024).
He said: “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 modernized systems can deliver tangible results for our nation’s economy,” he said.
According to Adeniyi, the scale of Customs intervention is reflected in seizures valued at N28.1 billion and counting in 2024 alone.
These seizures, he said, span critical areas of national concern – from wildlife items and arms and ammunition to narcotics and pharmaceutical products.
Among his numerous achievements, he said the Service’s leap of 33 places upward in the Presidential Enabling Business Environment Council (PEBEC) rankings, placing NCS among the top five agencies in trade facilitation, reflects the impact of our reform initiatives.
Adeniyi said his administration has deliberately repositioned the Nigeria Customs Service brand, emphasizing its commitment to trade facilitation and demonstrating a more nuanced application of its authority in executing its statutory responsibilities.
He said: “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 operation- one built on transparency, efficiency, and genuine collaboration with our partners,”
