High, unsustainable duty rate costs Nigeria five per cent drop in cargo traffic

The Nigeria Customs Service has reported a notable decline in cargo throughput, with a 4.89 per cent decrease in the volume of transactions in the first quarter.The Nigeria Customs Service has reported a notable decline in cargo throughput, with a 4.89 per cent decrease in the volume of transactions in the first quarter.

The Comptroller General of Customs, Bashir Adewale Adeniyi, briefed the media, yesterday, on the NCS’s performance overview and key performance drivers in the first quarter He said these fluctuations led to an average exchange rate of N1,314.03/$1 for Customs clearance during the quarter, significantly impacting stakeholders and disrupting trade activities.

However, export transactions saw a 10.60 per cent growth, with 10,786 SGDs processed in 2024 compared to 9,752 in 2023. A significant part of this growth occurred in January, with a 29.69 per cent increase in transactions, according to the Customs boss. Adeniyi also highlighted efforts to address the impact of exchange rate fluctuations on import activities, including periodic consultations with the CBN, supported by the Minister of Finance.

Additionally, 22 suspects were detained, with the NCS vowing to take appropriate legal actions by the Nigeria Customs Service Act 2023.Before flagging, please keep in mind that Disqus does not moderate communities. Your username will be shown to the moderator, so you should only flag this comment for one of the reasons listed above.

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