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NEWS

Customs Generates N126b from LFTZ, Kwara

June 28, 2024 • 3 min read

June 28, 2024

The Lagos Free Trade Zone of the Nigeria Customs Service says it generated N115 billion in revenue over the past six months.

Its Area Controller, Comptroller Olanrewaju Olumoh, disclosed this at a stakeholder engagement in the Free Trade Zone in Lagos, yesterday.

He expressed optimism that the command would meet and surpass its annual target by the end of the year.

“The initial revenue target given to the Free Trade Zone was N108.84 billion before it was reviewed to N136.05 billion for 2024. From January 2024 till date, the command has generated N41.3 billion from the Free Trade Zone, compared to N24.7 billion collected during the same period in 2023. This shows an increase of N16.6 billion, representing a 67per centt rise over 2023. For Lekki Port, an initial revenue target of N6.61 billion was reviewed to N8.26 billion. From January to date, N74.67 billion was generated as revenue from the port,” Olumoh said.

Also, the Kwara Command of the NCS also said it has generated N10, 027, 580,694.63 into the coffers of the federal government between January and May, 2024.

The command added that in the period under review, it made 21 seizures of different prohibited items with the total duty paid value of N35, 416,140,00.

The contraband and prohibited items seized by the Customs officers included 507 bags of foreign rice, one unit of used vehicles, 1,055 pieces of used tyres, 164 Jerry cans of petrol of 25 liters each, totalling 4,100 liters.

The Customs Area Controller, Kwara Area Command, Comptroller Faith Ojeifo made these disclosures yesterday in Ilorin while briefing newsmen on the activities of the command in the last six months.

Olumoh explained the fundamental benefits of establishing Free Trade Zones to include attracting foreign investments, promoting technology transfer, and creating job opportunities.

Stressing the importance of stakeholder collaboration in achieving these goals, he noted: “It is important to keep sensitising agents and zone operators on the Standard Operating Procedures (SOP) for Free Zones to enhance their compliance level and improve their capacity towards better service delivery.”

The General Manager, Operations, Lekki Free Trade Zone, Mrs Oladunni Kareem, emphasised the need for operators to be aware of customs procedures to reduce the time of doing business.

“We want trade facilitation and the Nigeria Customs Service is doing all it can towards that. Revenue collection for the government cannot be overemphasised; we have to operate side by side,” Kareem said.

Kareem noted that trade facilitation would encourage investors and help introduce the free trade zone to other investors, thereby creating more jobs for the youth while assuring of continued collaboration with NCS to improve Nigeria’s trade environment.

Ojeifo said:” I want inform you that from January-May, 2024 we collected and remitted a total sum of N10, 027, 580,694.63.

A comparative review of the preceding year 2023 indicated that the command surpassed what was collected same period last year with N2,885,779,644.03 which represents 40.41% increase.

“Within the period under review, I rejig my operation teams which had led to 21 seizures of different prohibited items. These include 164 jerry cans of PMS of 25 liters each (4,100 liters). The total duty paid value is – N35, 416,140,00″, he said.