Compt Babandede Surpasses Revenue Target At Lagos Free Trade Zone Customs Command, Collects N74billion in 2023
31 January, 2024
Compt Mohammed Babandede, the Customs Area Controller in charge of the Lagos Free Trade Zone of the Nigeria Customs Service on Tuesday announced that the command surpassed its revenue target for the year 2023 by collecting N74, 048, 149, 945. 00, as against the N34, 000, 000, 000. 00 set for the command for the year.
Briefing press men, Compt Babandede said the Free Zone is a special economic zone where foreign investors are encouraged to invest in the country.
According to him, the Lagos Free Trade Zone Command was created to oversee the activities of all Free Zones in Lagos State, including the Lekki Deepsea Port. The roles of the Command in the Free Zones are, but not limited to trade facilitation, monitoring activities of enterprises and revenue generation.
“Since my assumption in office, I have ensured stronger collaboration with sister agencies and relevant stakeholders in the Port and Free Zones like Nigeria Export Processing Zones Authority, Zone managements, Nigeria Port Authority, Port Terminal/ Port Operators, Association of Nigeria Licensed Customs Agent, National Association of Government Approved Freight Forwarders, Nigeria Police, Navy, Immigration among others. We share ideas and communicate effectively during meetings to discuss on how to better our operations and the importance of working together in the interest of our dear nation.
“Revenue in Free Zones is generated on duties and other taxes of goods that are destined for Customs territory. In the year 2023, the Command recorded remarkable feat in the area of revenue collection by surpassing her target of Thirty-Four Billion Naira (N34, 000, 000, 000. 00). The sum of Sixty-Eight Billion, Nine Hundred and Sixty Million, Nine Hundred and Eighty-Eight Thousand, Two Hundred and Sixty Four Naira, only (N68, 960, 988, 264.00) was generated.
“This represents a collection increase of 102.82% as against Twenty Five Billion, Fifty Million, Two Hundred and Fourteen Thousand, Three Hundred and Two Naira (N25, 050, 214, 302) generated in 2022.
“Similarly, the Command also generated the sum of Five Billion, Eighty Seven Million, One Hundred and Sixty-One Thousand, Six Hundred and Eighty-One Naira, only (5,087,161,681) from Lekki Port since commencement of operations in April 2023. The revenue breakdown is shown in the table below:
“Cumulatively, the total revenue generated from the Command in 2023 is put at Seventy-Four Billion, Forty-Eight Million, One Hundred and Forty Nine Thousand, Nine Hundred and Forty Five Naira (N74, 048, 149, 945. 00).
“We are steadfast to surpassing these amounts in 2024. Although we understand that high exchange rate and other challenges are affecting importation, but that will not deter us from collecting accurate duties on the little importations through the Port.
“The Command will continue to be guided by the three-point agenda of our amiable Comptroller General of Customs BA Adeniyi MFR to consolidate, innovate and collaborate. We are aligning with the CGC’s commitment to fostering substantially improved relationships with sister agencies and compliant stakeholders. This is in line with this year’s International Customs Day (ICD) theme which is “Customs Engaging Traditional and New Partners with Purpose”.
“We thank the CGC and his management team for their relentless efforts in ensuring that the aim of Free Zones is actualized. In an effort to streamline the operations in all Free zones, the Customs headquarters often updates the Standard Operating Procedures (SOP) for collection of Customs Duty 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.
“I thank the hard work and dedication of my officers and other units of the Command like Customs Intelligent Unit, Post Clearance Audit, Scanning Unit and Customs Police. Without their cooperation these achievements would not have been possible” he said
