President Bola Tinubu reiterated yesterday that his vision to strengthen Nigeria’s economy is progressing as planned.
He made the statement through the National Security Adviser (NSA) at the opening of the 24th Comptroller-General of Customs Conference in Abuja.
“When I assumed office last year, I set out with a clear and unwavering vision – to strengthen Nigeria’s economic base and foster positive growth and development for the benefit of all,” he said.
“Eighteen months later, that vision remains unchanged. In pursuing this vision, we have built upon existing foundations while introducing necessary reforms to adapt to our evolving economic realities.”
He explained that the administration’s focus has been on strengthening effective policies, refining areas that needed improvement, and introducing new initiatives to address gaps. “We recognized that some economic policies, though useful in their time, needed realignment with current global dynamics to better serve our national interests and the well-being of our people.”
Tinubu pointed out that significant economic reforms, such as removing fuel subsidies and unifying the exchange rate system, were essential steps toward creating a more transparent and sustainable economic framework. These, he said, would redirect resources into productive investments that would yield long-term benefits for Nigerians.
“While these decisions required short-term adjustments, they were necessary for sustainable economic growth and prosperity for all Nigerians,” he affirmed.
He also praised the role of key government institutions, specifically the Nigeria Customs Service (NCS), in advancing the country’s economic transformation agenda. “Our vision required government agencies to proactively align their responsibilities with broader national economic objectives. The NCS has risen to this challenge by introducing significant reforms that align with global best practices,” Tinubu said.
He commended the Customs Service for its modernization initiatives, including the Advanced Ruling system and the Authorized Economic Operator Program, which have enhanced trade facilitation, improved port efficiency, and made Nigeria a more attractive destination for business.
“Through these reforms, the Nigeria Customs Service has made remarkable progress in revenue generation, enhancing the government’s capacity to fund critical national development projects,” he noted. “The Service has also contributed to positioning Nigeria as a trade-friendly nation, improving export promotion and efficiency in the port system, which has bolstered our global ranking and ease of doing business.”
Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, represented by Dr. Doris Uzoka-Anite, Minister of State for Finance, also pledged support for the NCS. She emphasized the government’s commitment to providing the policy guidelines that would enable the Service to achieve its trade facilitation mandate while balancing revenue generation.
In her keynote address, Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), acknowledged the NCS’s bold reforms but called for further improvements to meet the ambitious growth targets for 2050. She emphasized the need to compare Nigeria’s performance with global leaders in trade facilitation and strive for higher standards.
Okonjo-Iweala outlined key areas for further reform, particularly in risk management, where she noted that Nigeria’s physical inspection rate is significantly higher than in many developed economies. She also recommended enhancing tariff predictability and reducing discretionary waivers to improve compliance and transparency in customs operations.
“These measures would allow Customs to better target compliance checks, helping the government increase revenue collection and create opportunities for more innovative, rather than well-connected, firms,” she concluded.
Dr. Okonjo-Iweala further revealed that WTO members would soon review Nigeria’s trade policies, urging the government to consult the WTO Secretariat Report on Nigeria’s Trade Policy Review for valuable insights on improving the country’s trade environment.
