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Customs Records N1.3trn Earnings in Q1 2024

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By Adedapo Adesanya

The Nigeria Customs Service (NCS) has said it generated about N1.3 trillion in the first quarter of 2024, 112 per cent more than the N606.1 billion recorded in the first three months of 2023.

This was announced by the Comptroller General of Customs, Mr Adewale Adeniyi, during a press briefing on Wednesday.

He said that the service encountered a major challenge in the fluctuations of the exchange rate regime which he said has disrupted its activities, explaining that over 572 seizures were made with a duty paid value of N10 billion.

He said, “In the first quarter of 2024, the NCS demonstrated remarkable performance in revenue collection. Total revenue collected during this period amounted to N1,347,675,608,972.75. The collection for the first quarter represents a substantial increase of 122.35 per cent compared to the same period last year, where N606,119,935,146.67 was generated.

“When compared to the Federal government’s annual revenue target of N5.07 trillion for the NCS to collect in 2024, the target translates to a monthly revenue target of N423 billion.”

Mr Adeniyi also said N1.6 billion was generated through its electronic auction platform launched in the first quarter of the year.

Speaking on the challenges encountered due to the fluctuations of the exchange rate regime during the period under review, he said it made it difficult for operations.

He said, “In the last quarter, a total of 28 rates were directed by the CBN, ranging from N951.94 per Dollar in January 2024 to a peak of N1,662.35 per Dollar in February 2024. While a singular exchange rate of N951.94 per Dollar was maintained in January, February witnessed 15 different spot rates ranging from N951.94 per Dollar to N1,662.35 per Dollar.

“March saw a total of 13 different spot rates applied, ranging from N1,303.84 to N1,630.16. These fluctuations resulted in an average applied exchange rate of N1,314.03 per Dollar in the clearance of customs goods during the quarter.

“The repercussions of these fluctuating rates have sent concerning signals to our stakeholders, affecting and disrupting activities.”

Mr Adeniyi, however, expressed delight in the relative stability in the past days, adding that the FIRs, with the support of the Minister of Finance, Mr Wale Edun, have initiated periodic consultations with the Central Bank of Nigeria (CBN) to mitigate the potential impact of exchange rate fluctuations on import activities.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Shop and Pay Seamlessly on AliExpress With Your Verve Card

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Quit holding your breath, this is for real! It’s not a clickbait. Verve, Naija’s Agba and Odogwu card, understands the challenges of not having the right card to seamlessly transact across borders, all from the comfort of your home. That’s why it focuses on breaking barriers and redefining convenience for its loyal customers.

The latest in its series of groundbreaking achievements is the acceptance of Verve cards on AliExpress, one of the world’s largest online retail platforms, unlocking new possibilities for cardholders. Abeg comot for road, Verve don enter AliExpress way!

This isn’t just a win for Verve; it’s a win for millions of its cardholders who can now explore a vast array of products on AliExpress while enjoying the security and reliability they’ve come to trust in Verve. This partnership marks another giant leap in Verve’s mission to establish itself as a global payment powerhouse.

Over the years, Verve has forged strong alliances with renowned global brands such as Google, YouTube, Netflix, Amazon Prime, Facebook, Uber, Facebook, Spotify, among others, enabling Verve cardholders to make seamless payments for subscriptions in Naira.

This partnership with AliExpress further demonstrates Verve’s commitment to empowering its customers with access to seamless digital payments and world-class services to meet their evolving needs. Whether you’re looking to upgrade your tech gadgets, refresh your wardrobe, or find unique items for your home, AliExpress offers diverse possibilities, and Verve has made it easier than ever to shop and pay! 

Here’s a step-by-step guide on how to shop on AliExpress using your Verve card:

  • Sign in to your AliExpress account.
  • Select your desired items and click ‘Buy Now.’
  • Add a new card and input your Verve card details.
  • Save and confirm your details (You can also opt to save the card for future payments).

The Naija’s Agba and Odogwu card is a perfect example of the saying, ‘the light that shines farthest shines brightest at its base!’ While Verve is making waves and securing global wins, it’s also spreading joy right here at home!

Through the ongoing Verve GoodLife Promo 5.0, Verve is offering incredible rewards and benefits to its cardholders. Verve cardholders are enjoying up to 10 per cent cashback or discount for every transaction made at participating outlets, including Google, NNPC Retail, Addide, The Place Restaurants, Sweet Sensation, Chowdeck, BuyPower, and Market Square.

With Verve, the world is truly at your fingertips. From exploring global markets like AliExpress to enjoying rewards and discounts with local favourites, every swipe of your Verve card opens the door to endless possibilities. So why settle for less when you can have it all? Why stand on the sideline awwwing and shouting “God abeg, barb me this style” when you can be part of the action?

Take advantage of these incredible opportunities today. Experience the freedom to shop globally at your convenience, and unlock endless possibilities with Verve. The future is here, and with Verve, you’re already a part of it!

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BFF-Supported Startups Raise $379m, Create 6,000 Jobs

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By Modupe Gbadeyanka

About 6,000 jobs have been created, with $379 million collectively raised by startups owned by entrepreneurs who have passed through the Black Founders Fund (BBF) of a tech giant, Google.

Google created the BBF initiative to empower startup owners of African origin. This programme has helped to drive innovation, job creation and business expansions because of the grants received from the sponsor of the scheme.

On Tuesday, past participants of the initiative were at iHub in Nairobi, Kenya, for the Black Founders Fund Alumni Summit, where the organisers unveiled the BFF Impact Report to highlight the significant progress and success of Black-led startups across Africa.

This annual event brought together 45-50 alumni from across the continent including Kenya, Nigeria, South Africa, and Uganda to celebrate their achievements and discuss the future of Africa’s digital economy.

The BFF Impact Report offers a comprehensive look at the remarkable impact that targeted support for Black entrepreneurs has had on the African tech ecosystem.

The report revealed that BFF-supported startups have collectively raised $379 million, created more than 6,000 jobs, and experienced 61% faster growth than their peers, underscoring the importance of strategic investment in fostering sustainable innovation.

Through non-dilutive funding, mentorship, and networking, the Black Founders Fund has empowered entrepreneurs to overcome barriers, scale their businesses, and contribute to Africa’s digital transformation. The BFF Impact Report demonstrates the pivotal role of the program in strengthening the continent’s startup ecosystem, enabling businesses to compete globally and attract significant investment.

“The Black Founders Fund is not just about financial support—it’s about creating an ecosystem of innovation, job creation, and opportunity.

“The BFF Impact Report reflects the incredible progress Black entrepreneurs have made, and how the right resources can empower them to lead Africa’s digital future. The impact we are seeing today will set the stage for an even more vibrant African tech landscape tomorrow,” the Country Director for West Africa at Google for Startups, Olumide Balogun, remarked.

“This report is a celebration of the incredible work being done by Black founders across Africa. The BFF Impact Report proves that, when we invest in these entrepreneurs, we’re not only helping individual startups, but we’re driving systemic change within the broader African tech ecosystem,” the Head of Startup Ecosystem for Africa at Google, Mr Folarin Aiyegbusi, also stated.

In addition, the Black Founders Fund Manager Europe at Google for Startups, Mariama Boumanjal, said, “The BFF Impact Report proves that with the right support, Black founders can not only overcome these challenges—they can lead the way in innovation, job creation, and economic development.”

Business Post reports that through non-dilutive funding, mentorship, and an expansive network, the BFF has empowered over 220 startups, enabling them to scale faster and break down these barriers.

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Expectations Heighten For Reactivation of Nigeria’s Other Refineries

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 By Adedapo Adesanya

After years of laying fallow, the Port Harcourt Refinery began producing and distribute petroleum products Premium Motor Spirit (PMS) or petrol, Automotive Gas Oil (AGO) or diesel and Household Kerosene (HHK) or Kerosene.

This development has raised expectations regarding Nigeria’s other three refineries not yet operational. These include the second refinery in Port Harcourt as well as the Warri and Kaduna Refinery.

The reactivation of these facilities, according to energy analysts, will help push out more supply of petroleum products, which may help cut down high prices that Nigerians pay while also making the country self-sufficient.

The newly operational refinery was built in 1965 and Port Harcourt II was added in 1989, increasing capacity by 150,000 barrels per day, making the total capacity of the Port Harcourt complex 210,000 barrels per day.

The Warri Refinery was built in in 1978 and is supposed to have an upgraded capacity up to 125,000 barrels per day and the Kaduna Refinery, which was commissioned in 1980, was designed with a capacity of 110,000 barrels per day.

Speaking during a brief ceremony to mark the commencement of products loading at the refinery on Tuesday in Port Harcourt, the Group CEO, Mr Mele Kyari described the commencement of the loadout activities as a monumental achievement for Nigeria which signifies a new era of energy independence and economic growth for the country.

The GCEO further thanked Nigerians for their patience and for the legitimate expectations on the Company to deliver on the other refineries.

Meanwhile, President Bola Tinubu on Tuesday extended his heartfelt congratulations to the NNPC on the successful revitalization of the Port Harcourt refinery and charged the NNPC Limited to expedite the scheduled reactivation of both the second Port Harcourt refinery and the Warri and Kaduna refineries.

He said these efforts will significantly enhance domestic production capacity alongside the contributions of privately-owned refineries and make our country a major energy hub, with the gas sector also enjoying unprecedented attention by the administration.

The President underscores his administration’s determination to repair the nation’s refineries, aiming to eradicate the disheartening perception of Nigeria as a major crude oil producer that lacks the ability to refine its own resources for domestic consumption.

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