Nigeria to earn $176bn in revenue from e-customs project in 20 years

The Nigeria Customs Service (NCS) says it will generate whopping revenue of $176 billion over the next 20 years through the implementation of e-customs project.

The Comptroller-General of the NCS, retired Colonel Hameed Ali, disclosed this on Monday in Abuja, according to the News Agency of Nigeria.

He spoke during the signing of e-Customs concession agreement by the NCS, Africa Finance Corporation and China’s Huawei Technologies Limited.

Ali said 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 and managed by Huawei Technologies Limited under a 20-year concession window, when fully implemented, would quadruple Customs’ current N210 billion monthly revenue collection.

“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 for the commitment to see the project to fruition.”

The Acting Director-General of the ICRC, Michael Ohiani, described the project as revolutionary, adding that it would bring digital smart processes and procedures to customs operations.

Ohiani said: “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.”

Also, 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.

NAN