The Federal Government is to generate $200bn revenue from the modernisation project of the Nigeria Customs Service, the concessionaire in charge of the project, announced on Thursday.
Speaking at the flag-off of the Project Management Office of
the Nigeria Customs Service Modernisation Project in Abuja, the Chairman, Trade
Modernisation Project Limited, concessionaire of the facility, Saleh Ahmadu,
said a total of $3.2bn would be invested in the project
He said, “The NCS has partnered with Trade Modernisation Project
Limited, under a public-private partnership arrangement, to deliver the
best-in-class technology for full automation of NCS processes to align with its
peers around the world. The project would result in efficiency in NCS’ service
delivery.
“Under the terms of the concession agreement, TMP will
invest a total of $3.2bn over a 20-year period, which will generate more than
$200bn in revenue for the Federal Government. The financing for the first phase
of the project, in the sum of $300m, together with a cash backed $9m
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.”
Ahmadu explained that as trade becomes increasingly
complicated, the project would equip the NCS with the necessary technological
tools and platforms to drive trade harmonisation.
The Comptroller-General, NCS, Col. Hameed Ali (retd.), said
the project was undertaken because the service recognised the pressing need for
better infrastructure and the importance of becoming a data-driven organisation
to enhance its service delivery.
“We understood the significance of digitalisation in driving
efficiency, transparency and effectiveness. With this in mind, we wrote to
former President Muhammadu Buhari, outlining the imperative to modernise the
NCS.
“The project, though initiated by NCS, became a presidential
initiative and its deliverables I believe will have a transformative impact on
reform, restructuring, and revenue generation across NCS.
“By leveraging technology effectively, NCS can adapt to changing
market dynamics in trade, optimise our operations, and unlock new revenue
streams thereby contributing to economic growth and wellbeing of our citizens,”
Ali stated.
On other deliverables of the project, the concessionaire
said it came with a cargo release system that would provide physical
infrastructure to manage the automated release of cargo once clearance had been
obtained.
“There is also the electronic cargo tracking system that
allows the NCS to track all cargo transiting through the country.
“It covers cargo marked for re-export, either through other
land borders or through Free Trade Zones, as well as excise cargo for
manufacturing purposes. Cargo will be monitored through electronic seals,”
Ahmadu stated.
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