Economy
Customs Grows Revenue by 74% to N4.49trn in 2023
By Adedapo Adesanya
The Nigeria Customs Service (NCS) has said its revenue grew by 74 per cent or N1.9 trillion to N4.49 trillion in 2023 from the N2.25 trillion recorded in 2022.
The Comptroller-General (C-G) of Customs, Mr Adewale Adeniyi, disclosed this at a press conference in Abuja on Wednesday to mark his one year in office.
He spoke against the backdrop of huge distortions in business planning caused by frequent changes in exchange rates over the past few months.
“The NCS reported a remarkable 74 per cent growth in revenue collection over the past year, recording a total revenue collection of N4.49 trillion between June 2023 and May 2024, compared to the N2.58 trillion collected during the corresponding period of the previous year.
“This achievement was underpinned by a sustained increase of 70.13 per cent in average monthly revenue collection compared to the previous year. NCS recorded an average monthly revenue collection of N343 billion, compared to the N202 billion monthly average.
“Notably, there was a substantial 122.35 per cent rise in revenue collection during the first quarter of 2024 compared to the same period in the previous year,” Mr Adeniyi stated.
The gains, the customs chief said, were attributable to the N15 billion recovery by the Revenue Review Performance Recovery exercise; N2.79 billion recovered from the 90-day window for the regularisation of the documents of uncustomed vehicles; N1.5 billion recovered from the decongestion of 1,705 overtime containers and 981 vehicles from the port.
“It is also worthy to note that on June 13, 2024, NCS recorded a daily All-Time-High of N58.5 billion in revenue collection,” he added.
The deployment of officers to sensitive posts based on merit and capacity, the CG also said, was key to the performance recorded within the period under review.
On the trade facilitation mandate of the NCS, Mr Adeniyi said that the decongestion of ports and the re-opening of previously inaccessible access roads have played key roles.
“Particularly noteworthy is the NCS’s recent ranking under the Presidential Enabling Business Environment Council (PEBEC), which aims to streamline business operations in Nigeria through reforms and policies.
“Ministries, departments, and agencies (MDAs) are ranked by activities under eight broad indicator levels, including efficiency reforms based on service delivery within stipulated timelines, transparency reforms, the review and update of Service Level Agreements, and support for manufacturing and agriculture export.
“Between 2020 and 2022, the NCS maintained an average percentage score of 18.45 per cent, ranking 28th out of the 37 MDAs ranked. By 2023, the NCS ranking fell further to 34th out of 39 MDAs, with a percentage score of 18.53 per cent.
“However, by 2024, I am delighted to announce that the NCS moved up 33 places, now tied at the top with 4 other MDAs out of the 36 MDAs assessed, with a percentage score of 100 per cent, marking an 81.5 per cent increase. This remarkable improvement is directly attributed to the trade facilitation measures implemented within the past year.”
The NCS boss added that the designation of a dedicated terminal for exports has yielded significant gains, facilitating the processing of export goods through the Lilypond Command.
“Initially handling 317 Single Goods Declarations (SGDs) in transactions, the terminal now manages 7,464 SGDs, accounting for 19.49 per cent of the total 38,294 export transactions recorded in 2023. By the first quarter of 2024, the Service has processed a total of 10,786 transactions, with 3,162 (29.32 per cent) of these processed through the dedicated export terminal,” he said.
He said the NCS’s anti-smuggling efforts in the past year resulted in significant interceptions, high-value seizures, and numerous arrests, including 63 seizures related to animal and wildlife products valued at N566 million”.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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