Tunde Bakare
President Bola Tinubu has said the country has seen a significant surge in Foreign Direct Investment (FDI) which has exceeded $30 billion in the past year. This achievement he said demonstrates that his policies are yielding positive results, making Nigeria increasingly attractive for both domestic and international investors.
More importantly, these improvements are creating new opportunities for Nigerian businesses to participate more actively in global trade, Tinubu said.
The President was at the 2024 Comptroller General of Customs Conference in Abuja, where he highlighted some of his administration’s economic reforms.
“Central to the success of these economic initiatives is the role of our strategic institutions and their dedicated personnel.
“Our vision required government agencies to be proactive in aligning their statutory responsibilities with the broader national economic objectives. Agencies needed to demonstrate initiative in identifying opportunities within their mandates that would best serve and advance our national aspirations. I am pleased to note that the Nigeria Customs Service is one of the agencies that has risen to this expectation, demonstrating how government institutions can effectively contribute to our economic transformation agenda while fulfilling their core mandates.”
Continuing, Tinubu said, This alignment is clearly demonstrated in the Service’s comprehensive modernization agenda.
In responding to our administration’s call for enhanced trade facilitation and economic growth, the Service has introduced significant reforms including the Advanced Ruling system and the Authorised Economic Operator Program. These initiatives, which align with global best practices, show how agencies can innovatively implement solutions that advance our national economic objectives while meeting international standards. Such reforms not only enhance trade facilitation but also create a more predictable business environment that supports our broader economic goals.
The results of these initiatives across the Service’s core mandates have been encouraging, he said, adding “The Nigeria Customs Service has shown remarkable progress in revenue generation, enhancing government’s capacity to fund critical national development projects. Through strategic reforms, the Service is strengthening Nigeria’s position as a trade-friendly nation, particularly in the areas of export promotion and port efficiency. This has contributed significantly to our improved global ranking in the ease of doing business. The Service has also demonstrated that effective trade facilitation can coexist with strong regulatory compliance, as evidenced by its enhanced border security and anti-smuggling operations. These achievements affirm our administration’s belief that public institutions, when properly aligned with national objectives, can effectively drive transformative change.”
Tinubu added that While these results are encouraging, they represent only the beginning of what we can achieve through focused institutional reforms and alignment with national objectives.
According to him, “It is therefore fitting that this conference centres on the theme “NCS Engaging Traditional and New Partners with Purpose.” This theme reflects our administration’s broader vision of fostering strategic partnerships and collaborative approaches to governance and economic management. It acknowledges that in today’s interconnected global economy, sustainable progress requires us to strengthen existing partnerships while building new ones, always guided by clear purpose and shared objectives.”
He assured of his administration’s commitment to supporting the Nigeria Customs Service in its modernization and reform initiatives. “We will continue to provide the necessary policy backing and enablement required to strengthen the Service’s capacity to deliver on its mandates. This includes support for technological advancement, infrastructure development, and capacity building programs that align with global best practices.”
The President urged the Service to build upon these foundations with clear cognizance of our regional and continental obligations.
“Your discussions should be particularly timely and strategic, considering Nigeria’s role in the African Continental Free Trade Area (AfCFTA) and our position as West Africa’s largest economy. Focus on innovative approaches that will strengthen existing partnerships and forge new ones to advance our national interests within this expanding trade landscape. Your deliberations should chart a path for enhancing our trade processes and compliance frameworks in ways that position Nigeria to maximize the opportunities presented by regional and continental integration while maintaining robust border security. The outcomes of this conference should provide a clear roadmap for achieving these objectives in line with our national economic aspirations.” he told them.
“To our international partners and stakeholders present here today, your participation at this conference exemplifies the global dimension of our reform agenda. Nigeria, as Africa’s largest economy, is determined to deepen its integration into global value chains and strengthen its position as a reliable trading partner. Our commitment to sustainable economic reforms, trade facilitation, and creation of an enabling business environment is firm and irreversible. We see our international partnerships as crucial catalysts in our journey towards becoming a more competitive player in global trade, particularly as we position ourselves to harness the opportunities presented by expanding regional and continental markets.” Tinubu assured.
He said that as we forge ahead with these partnerships and celebrate our progress thus far, we must maintain our focus on the journey ahead.
He informed them that Economic transformation is a continuous process that requires sustained commitment, innovation, and adaptation to emerging global trends, adding “The Nigeria Customs Service, as a key facilitator of international trade and guardian of our borders, will continue to play a fundamental role in advancing our national economic objectives. The success of our reform agenda significantly depends on the Service’s ability to balance trade facilitation with regulatory compliance while fostering meaningful partnerships.”