In 2024's First Quarter, Customs Generated N1.3 Trillion

According to Customs, imports fell by 5% in the first quarter of 2024 as a result of ongoing duty increases.

The number of Single Goods Declarations for imports in the first quarter of 2024 was 311,492, according to the Nigeria Customs Service (NCS), which reported a five percent decrease due to higher tariffs.

This was disclosed by Customs in its first-quarter 2024 report, which was made public on Wednesday, April 3.

According to the data, the number decreased by 15,999 from the 327,492 that was reported in the first quarter of 2023.

The decline in Single Goods Declarations was attributed by the service to shifting import levies.

Nigeria approved roughly 28 import rates in the first quarter of 2024, according to Comptroller General of Customs Adewale Adeniyi, which caused a decline in Single Goods

“In the First Quarter of 2024, NCS processed 311,492 Single Goods Declarations (SGDs) for imports, reflecting the volume of import transactions handled.

“This figure indicates a decrease compared to the total volume of 327,491 processed in 2023 and 403,233 SGDs in 2022,” Adeniyi said.

Adding that, “In the last quarter, a total of 28 rates were directed by the CBN, ranging from NGN 951.94 per US dollar in January 2024 to a peak of NGN 1,662.35 per US dollar in February 2024.”

Meanwhile, after reporting N1.3 trillion for the first quarter of 2024, Customs saw a 122.35 percent increase in income.

The Nigerian Ministry of Finance supervises the Nigeria Customs Service, an independent customs agency that is in charge of collecting customs fees, facilitating both domestic and international trade, combating smuggling, and overseeing security operations.