President Bola Tinubu has reiterated that his vision to fortify Nigeria’s economy remains firmly on course.
The President conveyed this through the National Security Adviser (NSA) at the opening ceremony of the 24th Comptroller-General of Customs Conference in Abuja.
“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 said.
“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 explained that the administration’s focus has been on reinforcing effective policies, addressing areas in need of improvement, and launching new initiatives to bridge existing gaps.
“We recognised that some economic policies, though useful in their time, required realignment with current global dynamics to better serve our national interests and the well-being of our people.”
Tinubu highlighted significant economic reforms, such as the removal of fuel subsidies and the unification of the exchange rate system, as critical steps towards establishing a more transparent and sustainable economic framework. These measures, he noted, would reallocate resources towards productive investments, poised to bring long-term benefits for Nigerians.
“While these decisions required short-term adjustments, they were necessary for sustainable economic growth and prosperity for all Nigerians,” he affirmed.
The President also commended the role of key government institutions, particularly the Nigeria Customs Service (NCS), in advancing the country’s economic transformation agenda.
“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 lauded the Customs Service for its modernisation initiatives, including the Advanced Ruling system and the Authorised Economic Operator Programme, which have enhanced trade facilitation, improved port efficiency, and made Nigeria a more attractive destination 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.”
Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, represented by Dr. Doris Uzoka-Anite, Minister of State for Finance, also pledged support for the NCS. She highlighted the government’s commitment to providing the policy framework required for the Service to achieve its trade facilitation mandate, while ensuring balanced revenue generation.
In her keynote address, Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO), acknowledged the NCS’s bold reforms but urged further improvements to meet the ambitious growth targets for 2050.
She underscored the importance of benchmarking Nigeria’s performance against global leaders in trade facilitation and striving for higher standards.
Okonjo-Iweala identified key areas for additional reform, particularly in risk management, noting that Nigeria’s physical inspection rate remains significantly higher than in many developed economies.
She further recommended boosting tariff predictability and curtailing discretionary waivers to enhance compliance and transparency within customs operations.
“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.
Dr. Okonjo-Iweala also revealed that WTO members would soon review Nigeria’s trade policies, encouraging the government to consult the WTO Secretariat Report on Nigeria’s Trade Policy Review for insightful guidance on improving the country’s trade environment.