Economy
Customs Revenue Collection Jumps 21.4% to N3.2trn in 2023
By Adedapo Adesanya
The Nigeria Customs Service (NC), has recorded N3.2 trillion in revenue collected in 2023, a 21.4 per cent increase over the preceding year’s revenue of N2.6 trillion despite facing significant operational hurdles.
The Customs Comptroller-General, Mr Adewale Adeniyi, made this announcement this week in Abuja at a news conference on the NCS activities in 2023.
Mr Adeniyi said that the 2023 performance was remarkable given the fact that the NCS recorded a revenue shortfall of N532 billion in the first half of 2023.
He said the year was marked by operational challenges including lower transaction volumes, compliance issues, inadequate infrastructure, and capacity gaps compounded by delays in policy implementation and socio-political factors.
He added that the anxiety associated with a major election year, and the prolonged cash crunch linked with the Naira redesign programme of the Central Bank of Nigeria, CBN, which temporarily impacted purchasing power and economic activities, further hampered revenue performance last year.
Also, the transition of power to the President Bola Tinubu-led administration brought about a new policy direction, including the removal of fuel subsidies, the floating of the exchange rate, and the closure of the country’s Northern borders with Niger Republic, further added to the complexity of the operating environment for the service.
Mr Adeniyi said these challenges led to a revenue shortfall of N532 billion compared to the N1.84 trillion target in the first half of 2023 but following his appointment as CGC in July last year, as well as merit-based reconstitution of the customs management team, there was a significant shift that enabled the service to exceed monthly revenue targets by 6.71 per cent for the first time in 2023.
He specifically attributed the positive change to strategic measures, including the immediate establishment of a Revenue Review Recovery Team and the dissolution of existing Strike Force Teams, streamlining enforcement under the Federal Operations Unit (FOU), and extensive stakeholder engagement.
Mr Adeniyi also expressed NCS commitment to end petroleum products smuggling in 2024 adding that the service would block all attempts to smuggle weapons and other contraband into the country.
“Our zero approach towards smuggling, especially petroleum products, rice, arms, and ammunition, out of the country would be rigorously enforced. We remain resolute on addressing border management challenges, balancing security concerns with trade facilitation,” he said.
Mr Adeniyi added that the NCS had conducted a vigorous campaign against smuggling and illicit trade in 2023, which resulted in 3,806 seizures of illicit items, including artefacts, antiquities, drugs, food products, and endangered species of flora and fauna, among others.
“Remarkably, we also achieved during this period a total of 52 convictions, 11 of them specifically linked to illicit trade in animal wildlife. This is also a record performance through diligent prosecution of our cases and the successful conviction of some of those criminals who were apprehended.
“Noteworthy is the international acknowledgement garnered for the Service’s efforts in combating this illicit trade in animal/wildlife. This steadfast commitment underscores the NCS’s dedication to protecting Nigerian society, maintaining a resolute stance against smugglers, and diligently dismantling their operations,” he said.
Going forward, he highlighted that numerous strategic initiatives are poised to positively impact the Service’s performance in the coming months.
These initiatives he enumerated include the introduction of the Advanced Ruling system, aligning NCS operations with global best practices, and meeting the recommendations of the World Trade Organisation (WTO) Trade Facilitation Agreement (TFA).
He said the NCS is set to inaugurate an electronic auction, e-auction, platform strategically designed to enhance transparency in the auction process.
The CGC said the service remained committed to facilitating the achievement of the newly set revenue target of N5.079 trillion which is aligned with the government’s economic objectives for 2024.
“This target signifies the government’s confidence in the NCS’s capabilities and underscores the service’s important role in contributing to the nation’s fiscal wellbeing.
“The strategic initiatives detailed above, alongside other operational reforms, are anticipated to play a crucial role in achieving this revenue goal.
“As the NCS addresses the challenges and opportunities in 2024, the service is steadfast in its commitment to implementing these strategies and exploring practical approaches to meet the heightened revenue target. This commitment aligns with the NCS’s ongoing dedication to efficiency, excellence, and positive contributions to Nigeria’s economic landscape.”
Mr Adeniyi emphasised that the NCS will maintain a zero-tolerance stance towards indiscipline and non-compliance in the year 2024, and urged all officers and stakeholders to adhere strictly to established procedures and regulations as maximum cooperation is expected from every stakeholder in the customs operations.
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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