President Bola Tinubu recently reaffirmed his commitment to strengthening Nigeria’s economy, highlighting the progress his administration has made toward this goal since he took office. This message was delivered through the National Security Adviser (NSA) during the opening of the 24th Comptroller-General of Customs Conference held in Abuja.
Reflecting on his vision, Tinubu noted, “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.” Now, 18 months into his administration, he emphasized that his goals remain firm.
Tinubu elaborated that his administration has been focused on building on existing structures, while introducing necessary reforms to address the country’s shifting economic conditions.
Tinubu explained that his team has carefully evaluated and refined existing policies, recognizing that while some initiatives had previously served the country well, they required adjustments to keep pace with global changes and to align with Nigeria’s current priorities.
Acknowledging the complexities of economic reform, he pointed to two major initiatives: the removal of fuel subsidies and the unification of Nigeria’s exchange rate system. According to Tinubu, these steps were crucial for fostering transparency, sustainability, and efficient resource allocation.
Although he recognized that these adjustments come with short-term challenges, he argued that they lay the foundation for sustainable economic growth that would benefit all Nigerians in the long term.
Additionally, Tinubu commended the Nigeria Customs Service (NCS) for aligning its objectives with the broader economic reforms. He praised the NCS for implementing significant modernization initiatives, including the Advanced Ruling system and the Authorized Economic Operator Program, which have enhanced trade facilitation, improved the efficiency of port operations, and made Nigeria a more attractive business hub.
According to Tinubu, these reforms have contributed to stronger revenue generation, providing the government with resources needed for essential development projects. He highlighted that these improvements have also enhanced Nigeria’s trade environment, thereby elevating the country’s global competitiveness and improving its ease of doing business.
Supporting Tinubu’s vision, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, represented by Dr. Doris Uzoka-Anite, Minister of State for Finance, reaffirmed the government’s commitment to backing the NCS with policy frameworks that would enable it to balance its trade facilitation role with its revenue generation mandate.
Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), also spoke at the conference. She acknowledged the transformative steps taken by the NCS but urged for further reforms to ensure Nigeria can meet ambitious economic growth targets by 2050.
Okonjo-Iweala pointed out that Nigeria’s physical inspection rate for customs is still significantly higher than that of many advanced economies, suggesting that improving risk management processes would allow Nigeria to align more closely with international best practices.
She also called for enhanced tariff predictability and reduced discretionary waivers to boost transparency and compliance.
Okonjo-Iweala emphasized that these measures would help customs operations to better focus on compliance checks, thereby strengthening revenue collection and providing more equitable opportunities for innovative businesses.
She concluded by revealing that Nigeria’s trade policies would soon undergo review by WTO members, and she encouraged the government to consult the forthcoming WTO Secretariat Report on Nigeria’s Trade Policy Review to gain further insights into enhancing Nigeria’s trade environment.
