News
Nigeria Customs modernisation project targets $176bn
Following the concession agreement of the Nigeria Customs Service Modernisation Project, Trade Modernisation Project Limited has assured the $176 billion revenue target would be met and surpassed.
The $3.2bn investment is set to help achieve the diversification of economy and development of the non-oil sector, which is close to the heart of President Muhammadu Buhari.
The agreement was signed on May 30, 2022.
The Managing Director of the Trade Modernization Project, Dr. Jummai Umar-Ajijola, congratulated the President for his “great vision and direct intervention in modernizing Nigeria’s trading culture and practice.”
Dr. Jummai explained: “As the concession period begins, we wish to assure Nigerians that the revenue target of $176 billion for the Federal Government will be achieved, if not surpassed.
“More importantly, we are excited about the real economic benefits for the country, in terms of business growth for exporters and import-dependent businesses, improved global supply chains, enhanced industrial capacity utilization, and creation of employment opportunities.
“With the support of its technical partners (Huawei Technologies) and financing from Africa Finance Corporation (AFC), Trade Modernisation Project Limited (TMPL), through our global team of experts, is ready to hit the ground running. The U$3.2 billion investments required for the project is already being finalized through an AFC led initiative.”
The Customs Modernisation Project will fully automate the Nigeria Customs Service businesses processes operationally and administratively.
It will usher in a new era of fully computerised and paper customs for Nigeria. This will enhance the profile of the country as a foremost facilitator of trade, an important global development practice, in line with the requirements of the World Customs Organisation (WCO).
The Concessionaire and its technical and financial partners will invest a total of $3.2 billion to fully automate the Nigeria Customs Service, in Phase.
In essence, the Federal Government will pay nothing to the concessionaire and its partners. Phase 1 will run from 2022 to 2025. Other aspects of the project will be deployed in Phase 2 and Phase 3.
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