… Exceeds revenue target
The Lagos Free Trade Zone Command of the Nigeria Customs Service (NCS) announced on Tuesday that it generated N5.08 billion from the Lekki deep seaport in eight months.
In a press statement by the command’s Public Relations Officer, Yusuf Lagos, the Customs Area Controller, Compt. Mohammed Babandede, disclosed this at the command’s conference hall in Lagos.
According to him, the revenue from Lekki Port was generated between April, when the port commenced operation, and December 2023.
“The Command also generated the sum of N5.08 billion from Lekki Port since the commencement of operations in April 2023,” Compt. Babandede stated.
He revealed that the command exceeded its revenue target by 102.82%, generating N68.960 billion from the Lagos free zone and N5.08 billion from Lekki Port, totaling N74.048 billion.
He noted that the revenue generated in 2023 surpassed the N25.050 billion revenue generated by the command in 2022.
“Revenue in Free Zones is generated on duties and other taxes of goods that are destined for Customs’ territory. In 2023, the Command recorded a remarkable feat in the area of revenue collection by surpassing its target of N34 billion. The command generated N68.960 billion from the free zone. This represents a collection increase of 102.82% as against the N25.050 billion generated in 2022.
“Cumulatively, the total revenue generated from the Command in 2023 is put at N74.048 billion.
“We are steadfast in surpassing these amounts in 2024. Although we understand that high exchange rates and other challenges are affecting importation, that will not deter us from collecting accurate duties on the importations through the Port,” the Customs boss stated.
He disclosed that Free Zones are special economic zones where foreign investors are encouraged to invest in the country, emphasizing that the focus of free zones is not just on revenue generation, but also on employment creation, technology transfer, foreign direct investment, among other benefits.
“Free Zone is a special economic zone where foreign investors are encouraged to invest in the country. The emphasis here is not just on revenue generation but the tremendous opportunities in the areas of employment, transfer of technology, foreign direct investment, among other benefits. It is also a government initiative to enhance economic growth and development.
The Nigeria Customs Service (NCS), as one of the major players in Nigeria’s economic growth, has continued to play a pivotal role in the Free Zones to actualize this government initiative.
“Lagos Free Trade Zone Command was created to oversee the activities of all Free Zones in Lagos State, including the Lekki Deepsea Port. The roles of the Command in the Free Zones are, but not limited to, trade facilitation, monitoring activities of enterprises, and revenue generation. Meanwhile, the Command has continued to demonstrate a high level of professionalism in carrying out its mandates in line with international Customs best practices.”
“In an effort to streamline the operations in all Free Zones, the Customs headquarters often updates the Standard Operating Procedures (SOP) for the collection of Customs Duty on goods manufactured, assembled, stored, re-configured, or re-modeled in the Free Zones which are destined for Customs territory. The SOP is to eliminate bottlenecks in their operations and encourage more investors into the Free Zones. These have made our work more efficient and effective.”
