The modernisation of customs services project, according to Saleh Ahmadu, Chairman of Trade Modernisation Project Limited (TMPL), is expected to bring in 176 billion dollars for Nigeria.
Mr Ahmadu made the remarks at a press conference in Abuja on Monday, shortly after signing a concession agreement for the modernization of the Nigeria Customs Service.
Through multi-stakeholder collaboration, the 3.2 billion dollar investment project aims to make exports and imports easier, resulting in increased foreign exchange earnings for the country.
The Infrastructure Concession Regulatory Commission, or ICRC, steered the concession agreement through the Public Private Partnership framework.
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“As the concession period gets underway, we want to reassure Nigerians that the Federal Government’s revenue target of 176 billion dollars will be met, if not exceeded.”
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More importantly, we are optimistic about the country’s real economic benefits, particularly in terms of export and import-dependent business growth.
“Others include better global supply chains, increased industrial capacity utilisation, and job creation,” Ahmadu said.
Ahmadu said that because the project is technology-driven, the Nigeria Customs Service’s business processes will be more efficient.
Similarly, TMPL’s Managing Director, Dr Jummal Umar-Ajijola, stated that the Service Modernisation Project concession agreement demonstrated the Federal Government’s commitment to trade’s role in national development.
“Today, Nigeria takes a giant step forward in its preparation for global trade in the twenty-first century.
“Agile national responses are required to meet the rapidly changing human development needs and challenges posed by globalisation.”
This modernization encompasses the customs service’s entire end-to-end operations, resulting in a value chain that facilitates trade not only in Nigeria but across the continent.
“For us at Trade Modernisation, the 22nd century has just begun in Nigeria, and the rest of the world must now follow us in taking this leap.”
“We’re going to put 3.2 billion dollars into this project as an initial investment.”
“The World Customs Organization is ecstatic about what this means because if you have the Nigerian market, you have the African market, and if you have the African market, you have the global market,” says the statement.
“Africa has a population of over 1.5 billion people, and we’re hoping to capture that number in terms of trade.”
“It simply means that the import and export processes will be made seamless, that there will be accountability, that leakages will be blocked, and that the government will be able to collect more revenue,” she explained.
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Mr. Umar-Ajijola went on to say that the project would increase job opportunities, particularly for young people.
“A lot of new professions would be created, and young people would have jobs because they are the ones who drive technology.”
“This ecosystem would ensure job creation for the country, which would, in turn, lead to long-term development,” she explained.
