According to Saleh Ahmadu, Chairman of Trade Modernisation Project Limited (TMPL), the project to modernise customs services is expected to generate 176 billion dollars for Nigeria.
Mr Ahmadu stated this at a press conference in Abuja on Monday, shortly after signing a concession agreement for the modernization of the Nigeria Customs Service.
The 3.2 billion dollar investment project, which involves multi-stakeholder collaboration, aims to make exports and imports easier, thereby increasing the country’s foreign exchange earnings.
The Infrastructure Concession Regulatory Commission, or ICRC, oversaw the concession agreement under a Public Private Partnership framework.
“As the concession period begins, we want to reassure Nigerians that the Federal Government’s revenue target of 176 billion dollars will be met, if not exceeded.”
More importantly, we are enthusiastic about the country’s real economic benefits, particularly in terms of exporter and import-dependent business growth.
“Others include improved global supply chains, increased industrial capacity utilisation, and job creation,” Ahmadu said.
Ahmadu stated that the project was driven by technology and that the Nigeria Customs Service’s business processes would 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 the role of trade in national development.
“Today, Nigeria takes a giant step toward improving its global trade readiness in the twenty-first century.
“Globalisation’s rapidly changing human development needs and challenges necessitate an agile national response.”
This modernisation covers the entire customs service’s operations from beginning to end, creating a value chain that will facilitate 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 this leap.”
“An initial investment of 3.2 billion dollars will be made in this project.”
“The World Customs Organization is ecstatic about what this means because the Nigerian market is part of the African market, and the African market is part of the global market.”
“Africa has a population of over 1.5 billion people, and we’re hoping to trap that number in terms of trade.”
“It simply means that both the import and export processes will be made seamless, that accountability will be established, that leakages will be prevented, and that more revenue will be generated for the government,” she explained.
Mr. Umar-Ajijola also stated that the project would increase job opportunities, particularly for young people.
“There would be many opportunities and many new professions 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 said.