Lagos Free Trade Zone Command of Nigeria Customs Service Generate N5.08 Billion in Eight Months

On Tuesday, the Lagos Free Trade Zone Command of Nigeria Customs Service revealed that it had generated N5.08 billion from the Lekkideep seaport in eight months.

This was revealed in a press statement by Compt. Mohammed Babandede at the Command’s conference hall in Lagos.

He disclosed that the revenue from Leki Port was generated between April, when the Port started operation, and December 2023.

“The Command also generated the sum of N5.08 billion from Lekki Port since the commencement of operations in April 2023,” he stated.

Babatunde stated that the Command exceeded its revenue target by 102.82%, generating N68.960 billion from the Lagos free zone and N5.08 billion from Lekki Port, totalling N74.048 billion.

He revealed that the revenue generated in 2023 surpassed the N25.050 billion revenue generated by the Command in 2022.

He said,

• Revenue in Free Zones is generated on duties and other taxes of goods destined for Customs’ territory. In 2023, the Command recorded a remarkable feat in the area of revenue collection by surpassing its target of N34 billion. The Command generated N68.960 billion from the free zone. This represents a collection increase of 102.82% as against the N25.050 billion generated in 2022.

• Cumulatively, the total revenue generated from the Command in 2023 is N74.048 billion.

• We are determined to surpass these amounts in 2024. Although we understand that high exchange rates and other challenges are affecting importation, that will not deter us from collecting accurate duties on the imports through the Port.

He disclosed that Free Zones are special economic zones where foreign investors are encouraged to invest in the country, emphasizing that free zones focus not only on revenue generation but also on employment creation, technology transfer, and foreign direct investment, among other benefits, the LEADERSHIP report.

He added,

• Free Zone is a special economic zone where foreign investors are encouraged to invest in the country. The emphasis here is not just on revenue generation but on the tremendous opportunities in employment, transfer of technology, and foreign direct investment, among other benefits. It is also a government initiative to enhance economic growth and development.

• Lagos Free Trade Zone Command was created to oversee the activities of all Free Zones in Lagos State, including the Lekki Deep Sea Port. The roles of the Command in the Free Zones are, but are not limited to, trade facilitation, monitoring activities of enterprises, and revenue generation. Meanwhile, the Command has continued to demonstrate high professionalism in carrying out its mandates in line with international Customs best practices.

• To streamline the operations in all Free Zones, the Customs headquarters often update the Standard Operating Procedures (SOP) for the collection of Customs Duties on goods manufactured, assembled, stored, re-configured, or re-modelled in the Free Zones which are destined for Customs territory. The SOP is to eliminate bottlenecks in their operations and encourage more investors into the Free Zones. These have made our work more efficient and effective.