NEWS AGENCY OF NIGERIA
NCS rakes in ₦1.75trn revenue in Q1 2025
Economy/Business

NCS rakes in ₦1.75trn revenue in Q1 2025

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By Martha Agas

The Nigeria Customs Service (NCS) has collected ₦1.75 trillion as revenue for the first quarter of 2025.

The Comptroller-General (C-G) of the service, Adewale Adeniyi, disclosed this in Abuja at a news briefing on its activities for the first quarter.

“I am proud to announce that we have exceeded this year’s target by ₦106.5 billion, achieving 106.47 per cent of our quarterly projection.

“This outstanding performance represents a substantial 29.96 per cent increase compared to the same period in 2024, where we collected ₦1.35 trillion.

“Our month-by-month analysis reveals even more encouraging details of this growth trajectory.

“January’s collection of ₦647. 88 billion not only surpassed its monthly target of ₦548.33 billion by 18.12 per cent , but also showed a remarkable 65.77 per cent year-on-year growth.

“February’s ₦540.11 billion exceeded its target by 1.3 per cent while achieving 19.97 per cent growth over 2024 figures.”

Adeniyi said that March maintained this positive trend with ₦563.52 billion, delivering 2.7 per cent above target and an 11.22 per cent improvement over March 2024.

He said that the service recorded 298 seizures, with a total Duty Paid Value (DPV) of ₦7.7 billion, which represented an increase of 78.41 per cent compared to the ₦4.32 billion recorded in the fourth quarter of 2024.

The achievement, he said,  was an indication of improved operational effectiveness.

The customs boss added that compared to the ₦9.59 billion recorded in the first quarter of 2024, the service observed a 19.70 per cent reduction in DPV.

According to him, the reduction is due to improved compliance, facilitated by sustained stakeholders’ engagements and the deterrent effect of the service’s enforcement activities.

“Rice remained the most prevalent seized commodity, with 159 cases involving 135,474 bags valued at ₦939.31 million.

“Petroleum products followed with 61 seizures totalling 65,819 litres (₦43.34million DPV).

“Of particular note were 22 narcotics interceptions valued at ₦730.75 million reflecting our intensified focus on combating drug trafficking.

“The service also recorded three high-value wildlife product seizures with a remarkable ₦5.65 billion DPV.”

Adeniyi stated that this underscored both the lucrative nature of the illegal trade and the NCS’s commitment to environmental protection under the extant international conventions.

The C-G said that other notable seizures included 13 cases of textile fabrics valued at ₦134.22 million DPV), five cases of retreaded tires.

He disclosed that they were all valued at ₦104.60 million DPV), with one pharmaceuticals case valued at ₦17.19 million DPV.

According to him, these comprehensive results demonstrate the service’s vigilance across all the categories of prohibited and restricted goods.

In the first quarter, he said, the NCS processed a total of 327,928 Single Goods Declarations for imports.

It also handled goods with a total mass of 4.91billion kilogrammes and a Cost, Insurance, and Freight value of ₦14.81 trillion. (NAN)(www.nannews.ng)

Edited by Bashir Rabe Mani

NPCC outlines roadmap for efficient, tech-driven ports
Economy/Business

NPCC outlines roadmap for efficient, tech-driven ports

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By Aisha Cole

The Nigerian Railway Corporation moved 66,110 tonnes of cargo from Lagos ports in the first quarter of 2025 across 55 trips.

Mr Bolaji Sumola, Chairman, Nigeria Ports Consultative Council (NPCC), made this disclosure in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos.

He said that the movement of cargo through rail required more expansion to reach more locations in Nigeria.

He then called for improved road and rail links to support 24-hour cargo evacuation.

He suggested the introduction of structured three-shift systems with night allowances, adding that there was a need for the government to partner with health and safety experts to mitigate fatigue and hazards.

He said that port efficiency required collapsing overlapping mandates under a unified port operations command.

Sumola said that this would enable the Nigerian Customs Service (NCS), Nigeria Ports Authority (NPA), the Nigerian Maritime Administration and Safety Agency (NIMASA), and quarantine services to share data in real time.

According to him, Nigerian seaports must actualise 24-hour port operations in order to enhance efficiency and stop cargo diversion.

Sumola urged the maritime industry to harness the energy of its large youth labour force with growing ICT skills for a smarter, greener, and more competitive 24-hour ports operations.

He said that the ongoing modernisation of Apapa and Tincan Island ports would involve the reconstruction of existing and dilapidated port infrastructure for improved vessel and cargo turnaround time.

He said that the electronic platform would reduce processing time, ensure seamless coordination among stakeholders and enhance the ease of doing business at the ports.

Sumola said that the implementation of solar hybrid power at all ports would enhance reliability and increase cargo turnaround time.

“Translating vision into reality, NPCC proposes a phased, collaborative roadmap such as digitally transforming all ports, implementing and expanding the Port Community System (PCS) and National Single Window to cover all terminals.

“Other roadmaps are the introduction of digital twins (virtual replica of a physical asset, system, or process that enables real-time monitoring, simulation, analysis) and predictive analytics for port logistics management.

“This results in increased efficiency, cost reduction, improved safety, and sustainability.

“Invest in Smart Infrastructure as well as upgrade cranes, lighting, scanners and control systems for night shifts,” Sumola said.

He said that solar installations in Apapa, Tin Can, and Onne as pilot zones need to be funded, while creating partnerships with clean energy investors and Development Finance Institutions (DFIs).

NPCC boss reaffirmed the council’s commitment to the vision and invited all stakeholders, MDAs, terminal operators, energy providers, transport unions and investors to join in executing the transformation. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

Registrar-General: CAC to deploy AI for business registration
Economy/Business

Registrar-General: CAC to deploy AI for business registration

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By Rukayat Moisemhe/Oluwatope Lawanson

The Corporate Affairs Commission (CAC) says it is set to deploy Artificial Intelligence (AI) in its operations beginning with a pilot project covering availability, registration of business names and incorporation of limited liability companies.

Hussaini Magaji, the Registrar-General of the CAC, made this announcement on Tuesday during the commission’s Stakeholders’ Customers Forum in Lagos.

The News Agency of Nigeria (NAN) reports that the forum, which is the first in the year, was organised to obtain feedback from customers regarding the CAC’s current performance.

Represented by Mr Justine Nidiya, Special Adviser to the registrar-general, Magaji said that additional operational processes would be introduced following the pilot project.

He underscored the necessity of adopting AI, citing predictions that by 2030, 80 per cent of current jobs could be automated.

“The commission is therefore embracing the future by adopting AI,” he said.

He also mentioned plans to deploy additional Value-Added Services (VAS), which were customised services designed to meet the specific needs of various stakeholder segments.

“Under the VAS, organisations with robust APIs will be licensed to extract data or information in formats beyond the standard options currently available.”

According to Magaji, every human endeavour faces challenges, and it is wise to view these challenges as disguised opportunities.

He pointed out that the liberalisation of foreign exchange and the rising prices of petroleum products had posed significant challenges for the commission and the broader economy.

“The resulting inflation has made procurement more expensive, yet the commission has managed to sustain its operations despite these difficulties.

Looking ahead, Magaji indicated that it might be necessary to increase filing fees to ensure the commission’s survival and optimal performance.

He urged stakeholders to collaborate with CAC to ensure the successful implementation of the new AI-driven Company Registration Portal (Intelligent CRP 3.0) and other reforms.

According to him, this will benefit all stakeholders and the country as a whole.

He also appealed to the business community to view the business formalisation project as a national priority.

According to the registrar general, meaningful development cannot occur while 90 per cent of the national micro, small, and medium enterprises operate outside the formal sector.

Mrs Ozofu Ogiemudia, Chair of the Section on Business Law of the Nigeria Bar Association, praised CAC for its proactive engagement and timely issue resolution.

She stressed the importance of leveraging AI to enhance efficiency.

Ms Efosa Ewere, Chairperson of the Lagos State Chapter of the Institute of Chartered Secretaries and Administrators of Nigeria, also expressed gratitude to the commission for introducing the AI tool.

Ewere said that it would facilitate smooth and efficient communication on their portal. (NAN)(www.nannews.ng)

Edited by Kevin Okunzuwa

 AI transforms various sectors, improve worlds economy- IMF director
Economy/Business

 AI transforms various sectors, improve worlds economy- IMF director

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By Nana Musa

Ms Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund (IMF), says that Artificial Intelligence (AI) has transformed various sectors, as well as security markets.

Gopinath, however, cautioned against inherent risks.

She said this on Monday, during the second IMF-International Organisation of Securities Commissions (IOSCO) conference discussions on key trends in AI and Exchange Traded Funds (ETFs).

“Focusing on the implications for financial stability, recent generative AI and related breakthroughs have the potential to dramatically change capital markets.

“Functioning through AI–assisted process automation and analysis of complex unstructured data as well as through the greater and more powerful use of algorithmic trading, novel trading and investment strategies.

“In addition, on one hand, generative AI can enhance market analysis, risk assessment, and customer engagement through sophisticated simulations and data generation.”

According to her, generative AI also raises concerns about financial stability, data integrity, potential misuse for market manipulation, and the ethical implications of AI-generated content.

The Secretary-General of IOSCO, Mr Rodrigo Buenaventura, said that the use of AI was common in financial institutions.

“Let’s just separate between traditional AI and generative AI, the report that was published last month shows that there has been more use of AI and machine learning in financial institutions.

“More automation for detection of anti-money laundering issues, as well as for simple analysis. So, we see the use of AI a lot more. But what else has changed?

“So you can see that some of the AIs are also starting to use large language models in the area of customer-facing operations, in terms of chatbots, and also in risk management functions.

“So basically, ChatGPT or large language models have changed a lot of the way humans interact with AI. Its very easy to use.”

He said this was where some of the risks could occur, adding that it gives us a false sense of security because its so easy to use.

Buenaventura said at the same time, we forget that there’s a lot of complex modeling and data that goes behind it.

He said that with large language models, all of us would have heard that the hallucination risk was one key factor that was associated with AI or generative AI.

Buenaventura said that experts should ensure that AI was not used against the market or to the disadvantage of the main purpose.

The Assistant Managing Director of the Capital Markets Group, Mr Lim Lee, said that AI was very easy to use but also creates risks.

He said that the market manipulation could also become very common with AI in terms of resilience and concentration of risks.

“We see the use of modelling, specialised models to make it look more efficient and less costly.

“About 75 per cent of institutions use AI. However, there has been more consciousness in using AI directly because the people are now more careful,” Lee said.(NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

Nigeria delegation attends IMF Spring Meeting
Economy/Business

Nigeria delegation attends IMF Spring Meeting

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By Nana Musa

Mr Wale Edun, the Minister of Finance and Coordinating Minister of Economy has led the Nigeria’s delegation to the 2025 International Monetary Fund (IMF) Spring Meeting holding in Washington DC.

 

The News Agency of Nigeria (NAN) reports that the meeting, holding from April 21 to April 26 in the US capital, is being attended by delegations from 190 countries.

 

In the Nigeria’s delegation are Chief Executive Officers of financial institutions, representatives of the private sector, Civil Society Organisations, Non-Governmental Organisations and other stakeholders.

 

The meeting aimed at promoting global macroeconomics financial stability, along IMF’s long-standing mission would provide policy advice, surveillance of member countries’ economies, and financial assistance to countries facing balance-of-payments issues.

 

The meetings will focus on building a better balanced and more resilient world economy that can better withstand economic shocks and promote sustainable development.

 

The specific activities of the meeting also include analysing the world economy, holding bilateral consultations with member countries, and providing support to countries navigating economic challenges.

 

It will also discuss the global economic outlook, global financial stability, and poverty eradication

 

At the meeting, the IMF is also expected to release its World Economic Outlook and Global Financial Stability Report.

 

The World Economic Outlook will provide analysis and projections of the global economy, the global financial stability report, assess the global financial system and highlight systemic issues.

 

The meetings will also discuss the need for reforms to the global financial architecture to support developing countries as well as poverty eradication and inclusive economic growth

 

Other key area of discussion at the meeting is how to address the economic impacts of climate change on the nations.

 

NAN reports that IMF and the World Bank are two intergovernmental organisations, often referred to as the Bretton Woods Institutions that were established in 1944 to rebuild the global economy after World War II.

 

While the IMF focuses on maintaining the stability of the international monetary system, the World Bank aims to reduce poverty and promote development in developing countries..

 

The IMF also acts like a financial policeman, ensuring the global financial system functions smoothly, while the World Bank is like a development banker, helping countries invest in their future

 

Specifically, the IMF conducts economic surveillance, both at the national and global levels to monitor the health of its 190 member countries.

 

The IMF provides loan to member-countries struggling with a balance of payments crisis and offers advice on how to improve the their financial regulations

 

The World Bank on its part, focuses on reducing poverty and promoting sustainable development in developing countries.

 

It lends money to developing countries for development projects, provides policy advice and technical assistance, and promotes knowledge sharing and innovation to help countries tackle development challenges. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

.84bn balance of payment surplus, indication of economic stability – TDF
Economy/Business

$6.84bn balance of payment surplus, indication of economic stability – TDF

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By Salif Atojoko

The Democratic Front (TDF) says the 6.84 billion dollars balance of payment surplus in 2024 is another indication of economic prosperity under President Bola Tinubu’s administration.

Malam Danjuma Muhammad, Chairman of TDF, in a statement on Monday said the development would boost investors’ confidence in the country.

“In addition to increasing the country’s foreign exchange reserve, improving the nation’s creditworthiness, and enhancing monetary policy flexibility in the economy, the balance of payment surplus will significantly reduce Nigeria’s dependency on foreign exchange to the benefit of local productivity.

“We believe that the combination of fiscal reforms in the macroeconomic system, which has enhanced the Federal Government’s revenue generation capacity, and monetary policy reforms introduced by the CBN, have boosted confidence in the Nigerian economy.

“These have encouraged import substitution in economic trades to conserve foreign capital for local economic growth,” said TDF.

The group said it was confident that this economic feat would inevitably lead to a reduction in headline inflation and also trigger an increase in production that would generate wealth and employment for Nigerians.

“We recall that for decades, the history of Nigeria’s economy was replete with over-dependence on foreign exchange for local and international trades, which impeded sustainable growth.

“This instituted a trajectory of consistent deficit in the balance of payment, and put pressure on the dollar to the detriment of the local currency and our macro economy,” said TDF.

It, however, said the Nigerian economy had responded positively to the pro-market and the private sector-friendly reforms of the Tinubu administration, as evident in the increased use of Naira for major trades, and exploring opportunities for import substitution.

“This policy has provided an incentive for Nigeria to export refined petroleum products to the United States, Saudi Arabia and other parts of the world through the Dangote Refinery, which began production under the Tinubu administration.

“It is heartening to also note that the posting of 6.84 billion dollars surplus in the balance of payment, is an indication of sustainable economic growth and stability and a show of strength to resist global economic shocks and headwinds,” the group added.

The group said the trade surplus underscored the need for the continuous implementation of the bold and pragmatic economic policies of the administration.

It said this was the only viable route to increasing the country’s foreign exchange reserves, service external debt, finance domestic investments, increase national savings, respond to internal economic challenges, and also stimulate economic growth and productivity.

It said it was optimistic that it would inevitably lead to more jobs and a plethora of trade opportunities for Nigerians in the coming months.(NAN)(www.nannews.ng)

Edited by Ismail Abdulaziz

SEC warns social media influencers, bloggers against promoting unregistered schemes
Economy/Business

SEC warns social media influencers, bloggers against promoting unregistered schemes

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By Ginika Okoye
The Securities and Exchange Commission (SEC) has warned social media influencers and bloggers against promoting unregistered investment schemes.
SEC’s Director-General, Dr Emomotimi Agama, gave the warning in a notice issued on Sunday in Abuja.He said the commission was working closely with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other relevant government agencies to investigate and prosecute violators.

According to Agama, the recently enacted Investments and Securities Act (ISA) 2025 specifically targets promoters of unregistered investment schemes.

He urged celebrities, influencers, and bloggers to avoid endorsing such ventures or face legal consequences.

“The law also covers influencers and bloggers who promote fraudulent schemes, with clear penalties, including imprisonment,” Agama stated.

“We are using this opportunity to warn such individuals to immediately desist from promoting unregistered entities.”

He reiterated that SEC had the capacity, expertise, and legal backing to combat ponzi schemes and protect the investing public.

“We have dealt with similar schemes in the past and will continue to do so, leveraging the powers of the ISA 2025 to safeguard investors and develop the capital market,” he added.

Agama cited the recent collapse of CBEX, a digital investment platform accused of defrauding Nigerians of over N1.3 trillion, as a wake-up call.

He described CBEX’s promises of doubling investments within a month and its false claims of global partnerships as clear indicators of fraud.

“The collapse of CBEX underscores the urgency of our crackdown. We are shutting down their operations, and the promoters will face the full weight of the law,” he said.

He urged Nigerians to always verify the authenticity of any investment opportunity with SEC before committing funds, cautioning that “if it sounds too good to be true, it probably is.”

Agama reaffirmed the commission’s commitment to investor protection and market development, encouraging citizens to consult licensed professionals and avoid get-rich-quick schemes.

“The SEC has also established dedicated departments to monitor market activities and conduct inspections aimed at detecting irregularities early.

“These proactive measures are designed to prevent large-scale frauds like CBEX from recurring,” he said.

He concluded by highlighting the significance of the ISA 2025, describing it as a major step forward in securing the Nigerian investment landscape and building a resilient financial market. (NAN)(www.nannews.ng)

Edited by Kevin Okunzuwa
Easter: FG reaffirms commitment to lasting democracy
Economy/Business

Easter: FG reaffirms commitment to lasting democracy

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By Diana Omueza

The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, has reiterated the Federal Government’s commitment to delivering lasting dividends of democracy to Nigerians.

Oyetola restated this in his Easter message to Nigerians.

The News Agency of Nigeria (NAN) reports that Easter is a Christian celebration that commemorates the resurrection of Jesus Christ, following the 40-day period of fasting and prayer known as Lent.

In his message, Oyetola stated that Easter should remind Nigerians that after darkness comes light, and after sacrifices, victory follows.

“Easter is a season of deep spiritual significance, a time for sacrifice, renewal, and reaffirmation of hope in the face of trials.

“It is a time to reflect on the values of love, selflessness, and unshakable faith; values that should guide our individual lives, our communities, and our state as a whole,” Oyetola said.

He commended Nigerians for their resilience and unyielding spirit in the face of challenges.

According to him, the administration of President Bola Tinubu remains committed to delivering lasting dividends of democracy through bold economic reforms and inclusive governance.

Oyetola reassured citizens of the government’s commitment to development and welfare, urging them to remain steadfast in faith, hopeful for a better tomorrow, and united in the pursuit of collective progress.

He prayed for peace, progress, and divine grace upon Nigerians, as well as healing for those hurting, strength for the weary, and renewed hope for every home. (NAN)(www.nannews.ng)

Edited by Abiemwense Moru

Customs export rose to N7.1bn in first quarter – Lilypond Command
Economy/Business

Customs export rose to N7.1bn in first quarter – Lilypond Command

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By Aisha Cole

The Nigeria Customs Service (NCS), Lilypond Export Command, says its Nigeria Export Supervision Scheme (NESS) revenue stood at N7.1 billion in the first quarter of 2025.

The Comptroller of Customs (CAC), Lilypond Export Command, Mr Ajibola Odusanya, made this known during a news conference in Lagos.

Odusanya clarified that NESS payments showed a significant rise in first quarter of 2025 when compared to the same period in 2024.

He said that the command recorded N7.1 billion in NESS payment in the first quarter of 2025, compared to N7 billion recorded in the same period of 2024.

He noted that the command recorded a significant export of diverse commodities, including agricultural produce, manufactured goods, solid and extractive minerals, among others.

Odusanya reported that a total of 11,459 containers (both 20ft and 40ft) were handled by the command in first quarter of 2025, which is 5,568 containers higher than the 5,891 containers handled in corresponding period of 2024.

“From the 11,459 containers handled by the command in first qurter of 2025, which were stuffed with agricultural produce, earnings amounted to $596.8 million; $329.9 million was generated from manufactured goods; $50.1 million from solid minerals; and other goods accounted for $87.4 million of trade value handled in first quarter 2025.

“In comparison, agricultural produce handled in the first quarter of 2024 stood at $542.9 million, manufactured goods at $134.6 million, solid minerals at $87.4 million, and other goods handled in the first quarter of 2024 stood at $18.1 million.

“The cumulative export value in the first quarter amounted to $986.4 million, which is 318 per cent higher than the $236.0 million value of export through the command in the first quarter of 2024.

“Comparatively, this shows an increase of $750.3 million, representing over 318 percent improvement in value,” Odusanya said.

He stated that under his leadership, the command had continually improved, with the prospect of attracting more exporters, thereby contributing to the Federal Government’s drive for economic diversification through export.

Odusanya highlighted some Nigerian exporters who were celebrated by the service on Feb. 14, during the formal launch of the Authorised Economic Operator (AEO) scheme.

The Lilypond boss noted that celebrating exporters was a testament to the growth of export in the country, especially those using Lagos ports to ship out their goods.

He reiterated that under the guidance and leadership of the Comptroller General of Customs (CGC) Bashir Adeniyi, the handling of export cargoes had been more efficient, especially with the consolidation of all exports through the Lilypond command.

According to him, the consolidation of the export command had contributed immensely to the rising progress attributed to LEXC activities following the implementation of the CGC’s directives.

Odusanya appreciated all the stakeholders and sister agencies for contributing to the increase in export, adding that they remain committed to ensuring seamless trade facilitation. (NAN)(www.nannews.ng)

Edited by Olawunmi Ashafa

Fair: Ecobank reaffirms support for SME growth at ‘Oja Oge’ 
Economy/Business

Fair: Ecobank reaffirms support for SME growth at ‘Oja Oge’ 

176 total views today

 

 

 

 

 

 

 

 

 

By Taiye Olayemi

Ecobank Nigeria has reaffirmed its commitment to supporting the growth of Small and Medium-scaled Enterprises across various sectors of the economy.

 

 

 

 

Ms Omoboye Odu, Head of SME, Partnerships and Collaboration, Ecobank, made this known on Friday during the second edition of the “Oja Oge” marketplace.

 

 

 

 

The three-day event focuses on supporting SMEs in the fashion, beauty, and lifestyle sectors by providing a platform for business exposure.

 

 

 

 

Odu highlighted the bank’s dedication to SME growth, noting their vital role in driving Nigeria’s economic development.

 

 

 

 

She stated that SMEs contribute over 50 per cent to Nigeria’s GDP and account for about 90 per cent of employment opportunities.

 

 

 

 

“As a financial institution deeply invested in Nigeria’s progress and financial inclusion, we recognise that empowering SMEs is crucial to achieving these goals.

 

 

 

 

“When we say we are the SME solution, we mean it, and Oja Oge is a testament to that commitment,” she noted.

 

 

 

 

Odu said ‘Oja Oge’ allows creative entrepreneurs to reach wider markets, with expected attendance ranging from 5,000 to 10,000 visitors.

 

 

 

 

She added that the bank supports SMEs through webinars and helps them access international markets via platforms like the “Ecobank Trade Hall.”

 

 

 

 

According to her, the fair, which runs until April 20, reflects the bank’s goal of empowering SMEs and enhancing economic progress.

 

 

 

 

Odu highlighted the evolution of Ecobank’s pan-African vision, tracing its roots back to a discussion among African founders who aimed to create a financial institution that truly understood the African context.

 

She drew parallels to the opportunities seen by international investors in Nigeria’s emerging market, emphasising the need for local enterprises to capitalise on the vast potential within the continent and beyond.

 

 

 

 

“Our goal is to be the partner bank that takes the local Asoke seller, the Ankara designer, and propels their businesses from Nigeria to Rwanda, Egypt, Europe and North America,” Odu explained.

 

 

 

 

The event showcases both new and established brands and provides free exhibition spaces for participating vendors. (NAN) (www.nannews.ng)

 

 

Edited by Kamal Tayo Oropo

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