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”.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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