The Nigeria Customs Service (NCS) is targeting a $200 billion revenue for the Federal Government over a 20-year period.
The service is seeking to hit the target by collaborating with the Trade Modernisation Project (TMP) Limited under a public private partnership (PPP) arrangement.
Speaking at the inauguration of its office in Abuja on Thursday, TMP Chairman, Saleh Ahmadu, said the firm would invest $3.2 billion into modernising the NCS over a period of 20 years.
He said, “Under the terms of the concession agreement, TMP will invest a total of US$3.2 billion over a 20-year period, which will generate more than $200 billion in revenue for the federal government. The financing for the first phase of the project, in the sum of $300 million, together with a cash backed $9 million performance bond in favour of the NCS, have been secured through our financial partners.
“A substantial part of this investment will go towards building the capacity of the NCS, ensuring business continuity, and managing the associated project risks. The retrofit of the project management office is part of this initial investment.
“As trade becomes increasingly complicated, the project will equip the NCS with the necessary technology tools and platforms to drive trade harmonisation.”
Speaking at the event, the Comptroller-General of Customs, Hameed Ali, said, “I pray that the modernisation project will be a milestone in our history, marking the beginning of a new era characterised by innovation, collaboration, and sustainable growth. Let us move forward with confidence, knowing that our collective efforts will yield remarkable results.”
Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.