Yemisi Izuora
Nigeria’s Minister of Finance, Mrs. Kemi Adeosun is set to inaugurate the Governing Boards of Nigeria Customs Service (NCS), the National Insurance Commission (NAICOM) and the Nigeria Export-Import Bank (NEXIM) on Thursday, March 8, 2018 by 4pm, according to a statement.
The Nigeria Customs Service plays the dual activities of generating revenue for the Federation Account and providing protective security surveillance along the country’s borders to check smuggling.
In its revenue generation efforts, the Nigeria Customs Service generated a record N1 trillion for the country in 2017; with a promise to surpass that record in 2018. As a result of its surveillance along the country’s borders, the NCS last year intercepted more than 1,000 rifles and illicit drugs worth billions of Naira.
The National Insurance Commission (NAICOM), the Governing Board of which would also be inaugurated, is the regulator of the insurance industry in the country and has the mandate of setting standards for the conduct of insurance business in Nigeria. It also ensures adequate protection of strategic government assets and properties.
The Nigeria Export-Import Bank (NEXIM) was established by the Federal Government in 1991 as an export credit agency of the country. It provides export credit guarantees, gives trade information for exporters and extends short and medium term loans to Nigerian exporters, among other services designed to boost Nigeria’s participation in international trade.