President Bola Tinubu has reaffirmed his administration’s commitment to strengthening Nigeria’s economy, emphasizing the progress made so far.
His message was delivered through the National Security Adviser at the opening of the 24th Comptroller-General of Customs Conference in Abuja.
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“When I assumed office last year, I set out with a clear and unwavering vision – to strengthen Nigeria’s economic base and foster positive growth and development for the benefit of all,” Tinubu stated. “Eighteen months later, that vision remains unchanged. In pursuing this vision, we have built upon existing foundations while introducing necessary reforms to adapt to our evolving economic realities.”
The President highlighted key reforms, including the removal of fuel subsidies and the unification of the exchange rate system. He described these changes as essential measures for creating a transparent and sustainable economic framework.
“While these decisions required short-term adjustments, they were necessary for sustainable economic growth and prosperity for all Nigerians,” he said.
Tinubu commended the Nigeria Customs Service (NCS) for aligning its reforms with the national economic agenda. He praised initiatives like the Advanced Ruling system and the Authorized Economic Operator Program, noting their impact on improving trade facilitation and port efficiency.
“Through these reforms, the Nigeria Customs Service has made remarkable progress in revenue generation, enhancing the government’s capacity to fund critical national development projects,” he added.
The Minister of Finance, Mr. Wale Edun, represented by the Minister of State for Finance, Dr. Doris Uzoka-Anite, pledged continued support for the NCS. She assured that the government would provide policy guidelines to help the Service meet its trade facilitation goals while balancing revenue generation.
World Trade Organization (WTO) Director-General, Dr. Ngozi Okonjo-Iweala, also addressed the conference, acknowledging the bold reforms undertaken by the NCS. However, she urged further improvements to achieve Nigeria’s ambitious growth targets for 2050.
“Nigeria’s physical inspection rate is significantly higher than in many developed economies,” Okonjo-Iweala pointed out, recommending enhancements in risk management and tariff predictability.
Dr. Okonjo-Iweala emphasized the need for the government to consult the upcoming WTO Secretariat Report on Nigeria’s Trade Policy Review for insights on improving the trade environment.
“These measures would allow Customs to better target compliance checks, helping the government increase revenue collection and create opportunities for more innovative, rather than well-connected, firms,” she concluded.
