FG partners EU to establish Digital Single Market
The Nigeria Customs Service (NCS) said it has generated N486.7 billion in the last six months, a figure higher by N101bn than the revenue it generated between January and June 2016.
A statement issued by the public relations officer, Mr Joseph Attah, on Wednesday said its recent strategic steps to remove all obstacles to trade facilitation, block revenue leakages and redeployment of personnel have continued to boost its revenue generation.
“The Service collected a total sum of N486.72bn between January and June 2017 as against N385.70bn collected in the same period of last year,” it said.
In February this year, Col. Ali had in a statement charged the Customs Area Controllers (CAC) to ensure strict compliance with extant laws to enable the Service achieve its 2017 revenue target of N1.1 trillion.
The NCS said it targeted N1trn in 2016 but fell short due to the Central Bank of Nigeria (CBN) policy restricting imports of 41 items.
It said it targets the realisation of N772.88bn for year 2017, “despite the challenging economic environment with negative consequences on international trade.”
It had targeted generating N937.3bn in 2017 but was only able to generate N898.6bn which was about N38.7bn less. The service had said but for the CBN restriction, it could have seen a revenue collection of N240bn, exceeding the target.
The present N772.8bn target is about N164.5bn less than the N937.3bn it targeted last year, and N125.8bn lower than its actual N898.6bn revenue collection in 2016, the Daily Trust reports.
Moreso, the statement said the reinvigorated anti-smuggling operations have yielded 3,798 seizures with duty paid value (DPV) of N7.2bn in the period compared to 3,106 seizures with DPV of N4.9bn for 2016.
Daily Trust analysis showed that the total seizure for this year is 692 higher than in 2016, with a higher DPV of N2.3bn. The Federal Government said it is partnering with the European Union Commission to establish a Digital Single Market in Nigeria.
Minister of Communications, Bar. Adebayo Shittu disclosed this yesterday at the ongoing 2017 Information Communication Technology and Telecommunication Expo (2017 ICTEL Expo), holding at Eko Hotels in Lagos.
He said Nigeria’s population makes it the most lucrative investment destination in sub-Saharan Africa with a high return on investments and an emerging market that made it one of the new frontiers for investments and digital market consideration.
Barr. Shittu added that the ministry is committed to creating a platform, through ICTEL 2017, where organisations and start-ups can pitch their innovative ideas.
“These ideas will be passed through a structured selection process to come up with marketable innovations for implementation by the Federal Government,” he said.
The minister assured that the “ministry will continue to support the establishment of companies or organisations in the area of hardware and software development by ensuring that they are protected through regulations or other means.”
This, he noted, will enable Nigeria attains her leadership role in Africa’s ICT industry.
Addressing participants and exhibitors at the event, the President, Lagos Chambers of Commerce and Industry (LCCI), Dr. (Mrs) Nike Akande CON, said there is no better time to harness the benefits of ICT than now when Nigeria’s economy is in dire need of diversification.