Connect with us

Business

Decline in Nigeria’s Imports Seen in Q1 2024 Amid Continuous Rise in Duties

Published

on

With increased duties, the Nigeria Customs Service reported a 5% decrease, recording 311,492 Single Goods Declarations for imports in the first quarter of 2024.

The Q1 2024 report by NCS, released on Wednesday, revealed this decline.

This figure marked a decrease of 15,999 from the 327,492 recorded in Q1 2023.

Attributing the drop in SGDs to fluctuating import duties, the service highlighted the challenges faced.

Adewale Adeniyi, the Comptroller General of Customs, stated that about 28 import rates were issued in Q1 2024, leading to the reduction in SGDs.

“During the First Quarter of 2024, NCS processed 311,492 Single Goods Declarations (SGDs) for imports, highlighting the volume of import transactions managed.

This figure indicates a decrease compared to the total volume of 327,491 processed in 2023 and 403,233 SGDs in 2022,” mentioned Adeniyi.

“In the previous quarter, a total of 28 rates were mandated by the CBN, starting from NGN 951.94 per USD 1 in January 2024 to a peak of NGN 1,662.35 per USD 1 in February 2024,” Adeniyi added.

Meanwhile, NCS witnessed a remarkable 122.35% surge in revenue as it achieved N1.3 trillion for Q1 2024.

The Customs reported generating N1.3 trillion in revenue for the first quarter of 2024

Trending