TheCable

The Trade Modernisation Project Limited (TMPL) says it is aiming at generating a revenue of $176 billion from the automation of customs services.

Saleh Ahmadu, chairman, TMPL, said on Monday after signing the concession agreement for the Nigeria Customs Service (NCS) modernisation project.

In 2020, the federal executive council (FEC) approved the concession of the automation project of NCS.

However, the commencement of the project was delayed for undisclosed reasons.

Ahmadu, at the signing event, said the concession would bring more business growth and improve industrial capacity when completed.

“As the concession period begins, we wish to assure Nigerians that the revenue target of $176 billion for the federal government will be achieved, if not surpassed,” Ahmadu said.

“More importantly, we are excited about the real economic benefits for the country, in terms of business growth for exporters and import-dependent businesses.

“Others are improved global supply chains, enhanced industrial capacity utilisation, and the creation of employment opportunities.”

Ahmadu also said the project was driven by technology, adding that it would bring more efficiency to the business processes of the NCS.

On her part, Jummal Umar-Ajijola, managing director, TMPL, said the concession shows the importance of trade in national development.

According to her, the modernisation covers the entire operations of the customs service end-to-end, providing a value chain that creates an ecosystem that will facilitate trade not only in Nigeria but on the continent.

“Today, Nigeria takes a giant leap to strengthen its readiness for global trade in the 22nd century,” she said.

“The rapidly changing human development needs and challenges of globalisation require an agile national response.

“For us at Trade Modernisation, we see that that 22nd century just dawned on Nigeria and the world has to follow us with this leap we have taken.

“We are going to bring an initial investment of $3.2 billion dollars into this project.

“The world customs organisation is excited 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.

“Africa is over 1.5 billion strong and that kind of number is what we are looking at trapping in terms of trade.

“It simply means that both the import and export processes would be made seamless, there would be accountability, leakages would be blocked and that means more revenue to the government.”