LAGOS FREE TRADE ZONE COMMAND OF NCS GENERATES N74 BILLION IN 2023
…as Comptroller Babandede vows to meet 2024 target
By Joy Enamuna
The Customs Area Controller, Lagos Free Trade Zone Command has disclosed that the Command cumulatively recorded the sum of N74billion as generated revenue in 2023.
Comptroller Babandede Muhammed made this known during his maiden press briefing which took place at the Command’s Conference Hall, Ibeju- Lekki, Lagos on Tuesday, 30th of January, 2024.
According to the CAC, “We are gathered here today to showcase activities and achievements of the Command in the year 2023 and efforts to surpass these achievements in 2024.”
“Free Trade 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 initiative of the government.”
“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 high level of professionalism in carrying out its mandates in line with international Customs best practices.”
” Since my assumption of office, I have ensured stronger collaboration with sister agencies and relevant stakeholders in the Port and Free Zones like Nigeria Export Processing Zones Authority, Zone managements, Nigeria Port Authority, Port Terminal/ Port Operators, Association of Nigeria Licensed Customs Agent, National Association of Government Approved Freight Forwarders, Nigeria Police, Navy, Immigration among others. We share ideas and communicate effectively during meetings to discuss on how to better our operations and the importance of working together in the interest of our dear nation.”
” Revenue in Free Zones is generated on duties and other taxes of goods that are destined for Customs territory. In the year 2023, the Commandrecorded remarkable feat in the area of revenue collection by surpassing her target ofThirty-Four Billion Naira (N34, 000, 000, 000. 00). The sum of Sixty-Eight Billion, Nine Hundred and Sixty Million, Nine Hundred and Eighty-Eight Thousand, Two Hundred and Sixty Four Naira, only (N68, 960, 988, 264.00)was generated. This represents a collection increase of 102.82%as against Twenty Five Billion, Fifty Million, Two Hundred and Fourteen Thousand, Three Hundred and Two Naira(N25, 050, 214, 302) generated in 2022.”
” Similarly, the Command also generated the sum of Five Billion, Eighty Seven Million, One Hundred and Sixty-One Thousand, Six Hundred and Eighty-One Naira, only (5,087,161,681)from Lekki Port since commencement of operations in April 2023.”
“Cumulatively, the total revenue generated from the Command in 2023 is put at Seventy-Four Billion, Forty-Eight Million, One Hundred and Forty Nine Thousand, Nine Hundred and Forty Five Naira(N74, 048, 149, 945. 00).”
” We are steadfast to surpassing these amounts in 2024. Although we understand that high exchange rate and other challenges are affecting importation, but that will not deter us from collecting accurate duties on the little importations through the Port.”
” The Command will continue to be guided by the three-point agenda of our amiable Comptroller General of Customs BA Adeniyi MFR to consolidate, innovate and collaborate. We are aligning with the CGC’s commitment to fostering substantially improved relationships with sister agencies and compliant stakeholders. This is in line with this year’s International Customs Day (ICD) theme which is “Customs Engaging Traditional and New Partners with Purpose”. We thank the CGC and his management team for their relentless efforts in ensuring that the aim of Free Zones is actualized. In an effort to streamline the operations in all Free zones, the Customs headquarters often updates the Standard Operating Procedures (SOP) for collection of Customs Duty on goods manufactured, assembled, stored, re-configured or re-modelled 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.”
“I thank the hard work and dedication of my officers and other units of the Command like Customs Intelligent Unit, Post Clearance Audit, Scanning Unit and Customs Police. Without their cooperation these achievements would not have been possible.” He said.
