People & Money

Nigeria Plans To Generate $176b Via e-Customs Project

The Nigeria Customs Service (NCS) Plans to generate $176 billion over the next 20 years through the implementation of e-customs project.

This was disclosed  on Monday in Abuja during the signing of e-Customs concession agreement between the NCS, Africa Finance Corporation (AFC) and China’s Huawei Technologies Limited by the NCS Comptroller-General, retired Col. Hameed Ali,

Ali explained that the e-Customs concession project would ease the cost of doing business, boost revenue, enhance productivity and stop every arbitrariness in the service.

He said, “The $3.2 billion e-Customs project to be financed by the Africa Finance Corporation (AFC) and managed by Huawei Technologies Limited under a 20-year concession window, when fully implemented, would quadruple Customs’ current N210 billion monthly revenue collection.

Also Read: Nigeria To Return to Obasanjo’s Plans to Concession Airports

“We will be making $176 billion within the next 20 years.

“I appreciate our partners, Huawei Technologies Limited. We had to go to China a couple of times and today we are going to become fully digitised.

“I thank the AFC for financing this project on behalf of the entire Nigerians. The success of this project will be on the global map. We are going to hit the ground running.

“The journey has been long and torturous, but we’ve eventually signed the dotted lines. I want to appreciate the Infrastructure Concession Regulatory Commission (ICRC) for the commitment to see the project to fruition.”

According to News Agency of Nigeria (NAN), the Acting Director-General of ICRC, Mr. Michael Ohiani, described the project as revolutionary, adding that it would bring digital smart processes and procedures to customs operations.

“This is a migration from analogue to digital. We urge the concessionaire to stick to the rules of engagement as we will be monitoring the project every step of the way,” he said.

Also, Mr Kelvin Yang, representing Huawei Technologies Limited, said the company would make sure that the aim of the concession agreement was achieved, promising to make it a world standard project.

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