Tin-can Customs Command Surpasses Q1’24 Revenue Target by 139%

The Tin-can Island Port Command of the Nigeria Customs Service (NCS) has reported a remarkable achievement in its financial performance for the first quarter of 2024 (Q1’24).

The Command has exceeded its revenue target for the period by a significant margin, with a total collection of N304 billion.

This figure represents a 139 percent increase from the N127 billion recorded in the same period of 2023.

In addition to its impressive revenue collection, the Command also witnessed a substantial 72.5 percent increase in the volume of exported goods, totaling 251,679.89 metric tonnes of cargo in Q1’24 compared to 145,906.33 metric tonnes in the same period in 2023.

This growth in export volume resulted in a 300 percent increase in the Free On Board (FOB) value of exports from N80.9 billion to N287.8 billion for the first quarter of 2023 and 2024, respectively.

Customs Area Controller Dera Nnadi expressed his gratitude for the support provided by the Comptroller General of Customs, B A Adeniyi, and his management team.

He acknowledged their efforts in strengthening the capacity of the Service and introducing innovative methods to perform its statutory responsibilities in line with international best practices.

The items exported from the Command include agricultural and other allied products such as Cocoa-Butter, Cocoa Beans, and Cashew Nuts.

The Command’s revenue collection for the first quarter of 2024 is broken down as follows: N88.4 billion in January, N100.4 billion in February, and N115.1 billion in March.

These figures represent a significant increase over the corresponding months in 2023, showcasing the Command’s strong performance in revenue collection.

This achievement by the Tin-can Island Port Command highlights the effectiveness of the Nigeria Customs Service in enhancing revenue generation and facilitating trade through the export of goods.

It also underscores the potential for further growth and development in Nigeria’s trade sector, providing a solid foundation for economic advancement.