- President Bola Tinubu affirmed that his economic vision is progressing as planned, emphasising key reforms such as fuel subsidy removal and exchange rate unification
- The Nigeria Customs Service (NCS) received praise for its role in modernising trade practices, improving efficiency, and boosting revenue generation
- Dr Ngozi Okonjo-Iweala called for continued reform in risk management and trade policy, urging alignment with global best practices
President Bola Tinubu has expressed confidence that his economic plan for Nigeria is going as planned.
The statement was conveyed through the National Security Adviser (NSA) during the 24th Comptroller-General of Customs Conference in Abuja on Wednesday, November 13.
Tinubu reiterates commitment to strengthening economy, says vision remains unchanged
“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,” he 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.”
He clarified that the administration has been dedicated to strengthening policies that work, refining areas for improvement, and launching new projects to bridge identified gaps.
“We recognised that some economic policies, though useful in their time, needed realignment with current global dynamics to better serve our national interests and the well-being of our people.”
Tinubu praises Nigeria's customs service for its role in advancing reforms
Tinubu highlighted that key economic reforms, including the removal of fuel subsidies and the unification of the exchange rate, were critical steps in building a more transparent and sustainable economic system.
These steps, he noted, would redirect resources into fruitful investments, ensuring long-term prosperity for the people of Nigeria.
“While these decisions required short-term adjustments, they were necessary for sustainable economic growth and prosperity for all Nigerians,” Tinubu added.
He praised the significant role played by important government institutions, with a particular mention of the Nigeria Customs Service (NCS), in advancing Nigeria's economic reform goals.
NCS modernisation efforts enhance port efficiency, Tinubu
“Our vision required government agencies to proactively align their responsibilities with broader national economic objectives. The NCS has risen to this challenge by introducing significant reforms that align with global best practices,” Tinubu stated.
He acknowledged the Customs Service for its modernisation programs, like the Advanced Ruling system and the Authorised Economic Operator Program, which have improved trade facilitation, optimised port operations, and positioned Nigeria as a more attractive place for business.
“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 noted.
“The Service has also contributed to positioning Nigeria as a trade-friendly nation, improving export promotion and efficiency in the port system, which has bolstered our global ranking and ease of doing business.”
In her keynote speech, Dr Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO), recognised the bold reforms implemented by the NCS but urged for continued progress to meet the ambitious growth targets set for 2050.
WTO members set to review Nigeria’s trade policies, Okonjo-Iweala
Okonjo-Iweala highlighted important reform areas, particularly in risk management, pointing out that Nigeria’s physical inspection rate is notably higher than those found in numerous developed countries.
“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,” Okonjo-Iweala stated.
In addition, the Director-General of the WTO revealed that WTO members would soon assess Nigeria’s trade policies, recommending that the Nigerian government examine the WTO Secretariat Report on the country’s Trade Policy Review for key recommendations to strengthen its trade environment.
Represented by Dr Doris Uzoka-Anite, the Minister of State for Finance, Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, reaffirmed his support for the NCS.
She highlighted the government’s dedication to offering the necessary policy guidelines that would empower the Service to fulfil its trade facilitation mandate, all while ensuring a balance with revenue generation.
Youths protest over Nigeria's fuel scarcity, call for oil sector reforms
Meanwhile, TheRadar earlier reported that activists organised a protest in Abuja over fuel scarcity and rising fuel prices.
The protesters called for reforms to revitalise local refineries, reduce reliance on imports, and enact stricter regulations to prevent the import of substandard petroleum products.