The Nigeria Customs Service (NCS) is targeting a $200 billion revenue for the federal government over a 20-year period.
The service is seeking to hit the target by collaborating with the Trade Modernisation Project (TMP) Limited, under a public, private partnership (PPP) arrangement.
Speaking at the inauguration of the NCS Trade Modernisation Project management office in Abuja on Thursday, Saleh Ahmadu, chairman of the project, said the TMP would invest a total of $3.2 billion in the aforementioned period of time.
“The project would result in efficiency in NCS’ service delivery,” Ahmadu said.
“Under the terms of the concession agreement, TMP will invest a total of US$3.2 billion over a 20-year period, which will generate more than $200 billion in revenue for the federal government.
“The financing for the first phase of the project, in the sum of $300 million, together with a cash backed [of] $9 million performance bond in favour of the NCS, have been secured through our financial partners.
“A substantial part of this investment will go towards building the capacity of the NCS, ensuring business continuity, and managing the associated project risks. The retrofit of the project management office (PMO) is part of this initial investment.
“As trade becomes increasingly complicated, the project will equip the NCS with the necessary technology tools and platforms to drive trade harmonisation.”
The chairman said the project will be implemented through the delivery of a unified customs management system (UCMS), trade portal, non-intrusive inspection system, electronic cargo tracking system (ECTS), and cargo release system among others.
On his part, Hameed Ali, comptroller-general of NCS, said Nigerians must be receptive to new ideas and technology.
“I pray that the modernisation project will be a milestone in our history, marking the beginning of a new era characterised by innovation, collaboration, and sustainable growth,” Ali said.
“Let us move forward with confidence, knowing that our collective efforts will yield remarkable results.”
