Customs Command reports $937 million export Boost in Q3, driven by agricultural commodities

Must read

- Advertisement -spot_img

The Nigeria Customs Service, Lilypond Export Command in Lagos, has recorded a substantial increase in the export of agricultural produce and manufactured goods, amounting to $937 million in the third quarter of 2024.

Addressing journalists at the command in Ijora, Lagos, on Thursday, the Area Controller, Ajibola Odusanya, attributed the achievement to the consolidation of all export seats into the command. “This remarkable growth marks a 407 per cent increase from the $184 million recorded in the second quarter, climbing to $937 million by the end of the third quarter of 2024,” Odusanya explained.

He further highlighted that in September alone, the command processed 3,363 export containers, with a total weight of 221,961.53 metric tonnes, valued at $202 million. The major contributors to this growth were agricultural commodities, including sesame seeds and hibiscus flowers, which collectively accounted for $93.7 million, followed by manufactured goods valued at $65 million.

Odusanya noted that the command generated ₦1.45 billion under the Nigerian Export Supervision Scheme (NESS) from all export activities in September. “Additionally, the command collected ₦88 million in duties on exports of previously imported goods, in line with the 2022 Fiscal Policy of the government,” he added.

Read also

The Area Controller reported that the total tonnage of exported goods surged by 368 per cent, from 86,783.93 metric tons to 405,979.72 metric tons. The NESS also recorded an impressive 733 per cent growth, increasing from ₦640 billion to ₦5.3 trillion. Duties paid on exports of previously imported goods rose from ₦29 million to ₦136 million, reflecting a 359 per cent increase.

According to Odusanya, these increases are the result of expanded export processing capacity, improved tracking systems, and the effective enforcement of customs regulations following the consolidation.

“The consolidation of export seats at all Lagos ports into the command has delivered significant gains, as demonstrated by the impressive metrics across various export categories,” Odusanya stated.

He emphasized that the primary advantage of this consolidation was the elimination of bureaucratic delays that previously hindered export operations. “Centralizing export activities has led to faster processing times, greater compliance with Nigeria Customs Service regulations, and a more transparent and traceable export process,” he concluded.


Discover more from SMALL BUSINESS INSIGHTS

Subscribe to get the latest posts to your email.

adverts@smallbusinessinsights.ngspot_img

More News

- Advertisement -spot_img

Updates

Discover more from SMALL BUSINESS INSIGHTS

Subscribe now to keep reading and get access to the full archive.

Continue reading