Economy
e-Customs Project to Become Operational 2022—NCS
By Adedapo Adesanya
The Nigeria Customs Service (NCS) said its digital platform called the e-customs project will become operation in 2022, noting that this will help in verifying the authenticity of documents by enforcement officers on patrol.
Speaking at a press conference in Lagos, the NCS National Public Relation Officer, Mr Timi Bomadi, this app will eliminate delays in verifying genuine Customs documents on our highways making it difficult for forgers to get away with their illegal acts, while easing the journeys of law abiding citizens.
He further stated that the service is also facilitating trade at ports and border stations through the modernisation/automation of import/export processes, aimed at reducing trade costs and the simplification and harmonisation of Customs processes to help in the development of local industries, improves economic prosperity, boost the revenue base of the Federal Government and enables foreign direct investment.
Currently, the image maker said the NCS has integrated and automated over 90 per cent of its activities and collaborated with the Federal Ministry of Finance for the introduction of the National Vehicle Registry VReg portal which among other things incorporates an automated vehicle valuation mechanism that authenticates Vehicle Identity Number (VIN) and validates the make, model and year of manufacture for easy assessment of value for Customs purposes.
“Members of the public have continued to avail themselves of copious information on both its web based and mobile applications.
“The e-customs project which is certain to take off next year will provide end to end automation aimed at eliminating physical contact and the potential for subjective judgments based on unethical considerations. Fast track and Authorized Economic Operator schemes are there to enhance and facilitate the experience of traders with track records for honesty and transparency,” he said.
“However, all trade across borders is associated with different levels of risk necessitating the establishment of control mechanism via risk management. In managing of goods in transit, the historical antecedents of importers/exporters and agents, countries of origin, fiscal policy, security, wellbeing, health and safety of citizens.
“The Nigeria Integrated Customs Information System II (NICIS II) meets the TFA criteria for the simplification of Customs processes and procedures. While it provides easy access to Customs information regarding trade regulations, it allows for easy interface and an enhanced user experience. Importers or their agents can access the Customs portal from the comfort of their homes and offices. Declarations, assessments and payments are made via web based applications on the trader zone. At the Customs zone, selectivity is triggered based on risk assessment and the required mode of examination indicated in the system. Release is activated when no infringements requiring interventions are discovered.
“NICIS II allows for the full integration of other regulating authorities like Standards Organization of Nigeria, (SON) and the Nigeria Food and Drug Administration and Control (NAFDAC). In so doing all regulatory issues concerning other agencies are expected to be treated expeditiously and simultaneously to facilitate trade. However, an important to note that the potential speed for execution under the NICIS II platform can be impeded by the operations of other agencies that are yet to fully define and automate their risk criteria for integration with the existing platform. In this case the efficiency of the system becomes defined by the slowest players in the team,” Mr Bomadi noted.
Although, he admitted that the valuation of goods by officers of the service is another area that has often drawn criticism from some stakeholders and importers, he said: “there is no market in the world where prices remain static over time Same is true for other components of Customs value, which includes insurance and freight charges. When we add the ever increasing rate of exchange into the mix, the inevitable result has to be commensurate increases in the value component of declared items used for calculating duty.
“Therefore situations where some insist on declaring fictitious values for customs purposes will always be met by adjustments reflecting current realities,” he said.
The customs officer used the occasion to inform newsmen that the agency generated over N2.3 trillion revenue between January and November this year, more that the N1.679 trillion revenue target for this year, based on its last year’s performance.
Mr Bomadi attributed the remarkable success to the current leadership of the Service, and to the diligent and hardworking officers of the NCS.
“In the current year, the Nigeria Customs Service has already exceeded expectations in revenue generation by going beyond the target set for it by the government. Also in its anti-smuggling activities, the Service has made landmark seizures of absolutely prohibited items and items prohibited by trade.
“In August, the service made seizures of 17,137 kg of pangolin scales, 44 kg elephant tusks and 60 kg in pangolin claws all valued at over N22 billion.
“This was made possible through active collaboration between NCS, US, British, and German officials who helped in tracking the suspicious shipment. It further led to the arrest and prosecution of some foreign nationals and their local collaborators.
“In October FOU operatives in Zone A seized 751 bullets concealed in garri sacks, while arms, ammunition and military uniforms were intercepted at Tin Can port Lagos in September 2021 just to mention a few. Our warehouses in all border formations are overflowing with seizures of rice, groundnut oil, used clothing, used vehicles etc.
“At Apapa Area I Command, through the cooperation of other sister agencies and the Nigerian Navy a landmark seizure of cocaine with a DPV of $54 million was made. This seizure was unique for the fact that the illicit substance was found in one of the components of a bulk carrier of sugar. In the same command, 97 containers carrying illicit, expired drugs and other offensive goods with a Duty Paid Value (DPV) of N17.5 billion was seized,” Mr Bomadi said.
By Adedapo Adesanya
A 74 Kobo or 0.05 per cent decline was recorded by the Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, February 25, trading at N1,356.11/$1 compared with the N1,355.37/$1 it was traded on Tuesday.
The Nigerian currency also further depreciated against the Pound Sterling during the session in the official market by N6.70 to settle at N1,834.96/£1 versus the preceding day’s rate of N1,828.26/£1, and against the Euro, it tumbled by N4.94 to quote at N1,598.59/€1 compared with the previous session’s N1,596.36/€1.
In the same vein, the Nigerian Naira lost N6 against the Dollar at the GTBank forex desk to close at N1,367/$1, in contrast to N1,361/$1 it was exchanged a day earlier, and in the parallel market, it traded flat at N1,365/$1.
The continuation of the decline of the local currency has been tied to the Central Bank of Nigeria (CBN) buying US Dollars from the market to slow the rapid rise of the Naira.
The apex bank bought about $189.80 million to reduce excess Dollar supply and control how fast the Naira was gaining value.
The monetary policy committee (MPC) of the CBN on Tuesday reduced interest rates by 50 basis points to 26.50 per cent from 27 per cent after inflation eased in January 2026, a move analysts say is the best not to unsettle FX market, especially the Foreign Portfolio Investors (FPI_ inflows which have anchored much of the recent supply and weakened the recently restored monetary credibility.
“The 50bps move therefore provides a clear directional signal while still keeping overall monetary conditions restrictive, indicating the start of a shallow, data-dependent easing cycle rather than a radical shift to accommodative policy,” said Mr Kayode Akindele, CEO, Coronation Capital and Head, Coronation Research in an email.
As for the cryptocurrency market, benchmarked tokens rebounded in double digits, driven by bearish positioning and thin liquidity rather than by clear fundamental catalysts, with Cardano (ADA) growing by 16.2 per cent to $0.3015, and Solana (SOL) appreciating by 12.3 per cent to $88.66.
Further, Ethereum (ETH) surged 11.9 per cent to $2,076.66, Litecoin (LTC) expanded by 11.5 per cent to $57.15, Dogecoin (DOGE) rose by 11.5 per cent to $0.1025, Binance Coin (BNB) advanced by 7.6 per cent to $629.76, Ripple (XRP) jumped 7.2 per cent to $1.45, and Bitcoin (BTC) added 6.4 per cent to sell for $68,136.72, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Adedapo Adesanya
Oil prices settled largely unchanged on Wednesday amid a build in American crude stockpile and the threat to oil supply from potential military conflict between the US and Iran.
Brent futures chalked up 8 cents to trade at $70.85 a barrel, while the US West Texas Intermediate (WTI) futures settled lost 21 cents to close at $65.42 per barrel.
Crude oil inventories in the US increased by 16 million barrels during the week ending February 20, according to new data from the US Energy Information Administration (EIA) released on Wednesday.
The decrease brings commercial stockpiles to 435.8 million barrels according to government data, which is still 3% below the five-year average for this time of year.
The EIA’s data release follows figures by the American Petroleum Institute (API) that were released a day earlier, which reported that crude oil inventories rose by a massive 11.4 million barrels in the period.
The market continued to weigh the possibility extended conflict could disrupt supplies from Iran, the third-biggest crude producer in the Organisation of the Petroleum Exporting Countries (OPEC) and other countries in the Middle East.
US President Donald Trump verbally attacked Iran, saying he would not allow a country he described as the world’s biggest sponsor of terrorism to have a nuclear weapon.
This comes as US envoys are due to meet an Iranian delegation for a third round of talks on Thursday in Geneva, Switzerland.
Reuters reported that OPEC+ is considering raising its oil output by 137,000 barrels per day for April to end a three-month pause in production increases. This is as the group prepares for peak summer demand and tensions between the US and Iran boost prices.
Eight OPEC+ producers – Saudi Arabia, Russia, the United Arab Emirates, Kazakhstan, Kuwait, Iraq, Algeria and Oman – meet on March 1.
An increase of 137,000 barrels per day for April would be the same as those agreed for December, November and October last year.
In a separate development, Saudi Arabia has activated a plan for a short-term oil output and export surge in case a US strike on Iran disrupts flows from the Middle East, said two sources familiar with the Saudi plan.
Tariff uncertainty also further worried investors after President Trump’s temporary global tariff of 10 per cent took effect on Tuesday after the Supreme Court’s sweeping ruling last week. He later said the levy would be 15 per cent, but it was unclear when and if it would apply.
By Modupe Gbadeyanka
All individual taxpayers in Lagos State have been advised to file their annual tax returns ahead of the March 31 deadline.
This appeal was made by the Lagos State Internal Revenue Service (LIRS) in a statement issued by its Head of Corporate Communications, Mrs Monsurat Amasa-Oyelude.
The notice quoted the chairman of LIRS, Mr Ayodele Subair, as saying that timely filing remains both a constitutional and statutory obligation as well as a civic responsibility.
The statutory filing requirement applies to all taxable persons, including self-employed individuals, business owners, professionals, persons in the informal sector, and employees under the Pay-As-You-Earn (PAYE) scheme.
In accordance with Section 24(f) of the 1999 Constitution of the Federal Republic of Nigeria, Sections 13 &14(3) of the Nigeria Tax Administration Act 2025 (NTAA), every individual with taxable income is required to submit a true and correct return of total income from all sources for the preceding year (January 1 to December 31, 2025) within 90 days of the commencement of a new assessment year.
“Filing of annual tax returns is not optional. It is a legal requirement under the Nigeria Tax Administration Act 2025. We encourage all Lagos residents earning taxable income to file early and accurately.
“Early and accurate filing not only ensures full adherence with statutory requirements, but supports effective monitoring and forecasting, which are critical to Lagos State’s fiscal planning and long-term sustainability,” Mr Subair stated.
He further noted that failure to file returns by the statutory deadline attracts administrative penalties, interest, and other enforcement measures as prescribed by law.
To enhance convenience and efficiency, all individual tax returns must be submitted electronically via the LIRS eTax portal at https://etax.lirs.net. The platform enables taxpayers to register, file returns, upload supporting documents, and manage their tax profiles securely from anywhere.
In keeping with global best practices, Mr Subair reiterated that LIRS continues to prioritise digital tax administration and taxpayer support services. He affirmed that the LIRS eTax platform is secure and accessible worldwide. Taxpayers requiring assistance may visit any of the LIRS offices or other channels.
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