Dec 4, 2022

Mawazo Writing Africa

Writing about the main

ICRC: Nigeria To Earn More Money As Customs Modernization Agreement Is Set To Generate $176Bn –

  • Nigeria Customs Modernization Project, a public-private partnership (PPP), will generate over US$176 billion, according to ICRC
  • According to DG ICRC The project, which is a presidential initiative to modernize customs, will attract an investment of over $3.2 billion.
  • Meanwhile, praised NCS Comptroller General Col. Hameed Ali thanked the ICRC for his steadfastness in promoting the implementation of the project

The Infrastructure Concession Regulatory Commission (ICRC ) has stated that Nigeria’s Customs Modernization Project is a public-private partnership (PPP) that will raise over $176 billion for the federal government over 20 years.

ICRC Acting Director-General Michael Ohiani, made the announcement at Monday’s concession signing ceremony ion.

The concession agreement was signed between Nigeria Customs Service (NCS) and Trade Modernization Project Limited, with Huawei Technologies as technical partner and Africa Finance Corporation as lead financier, all under supervision of the ICRC.

According to the DG ICRC, the project, which is a Presidential initiative to modernize customs, will attract an investment of over US$3.2 billion.

“Having satisfactorily completed all PPP processes and received the full business case of the ICRC Compliance (FBC), the approval of the Federal Board and the final review of the Concession Agreement by the Honorable Attorney General and Federal Attorney General, the parties are ready today to sign the contract and begin implementation of the project.

“I urge the concessionaire to fully implement g of the terms of the agreement credibly and in line with global best practices,” he said.

< p class="align-left">On his side, t The Comptroller General of the NCS, Colonel Hameed Ali, commended the ICRC for steadfastly pushing ahead with the implementation of the project.

He allayed fears that the modernized and computerized implementation of the service will result in job losses, but emphasizes that the NSC would need more of an additional 15,000 staff for optimal operation.

He said:

“Let me commend the ICRC, however, for their steadfastness and persistence we wouldn’t be here today to celebrate this project. We are indeed grateful to you and your name is written in gold.

“We are pleased to announce that we are becoming fully digitized and modernized in Nigeria. We are setting a pace that all other African countries can learn from.

“There are rumors that this project will weed out officials, let me dispel those fears: we even need officers. We only have about 15,000 and according to management’s mission, we need no less than 30,000 to carry out the mandate effectively.”

The CG also indicated that the project lead to would quadruple the monthly revenue of the service.

He added:

“To date we are making a collection of over N210 billion to N225 billion per We hope to triple if not quadruple that number when we roll out trade modernization.”

He expressed optimism that the NSC would invite soon, but President Muhamadu Buhari announces that project and asks for support from all stakeholders, including service staff, project partners and media.

For Huawei Technologies representative Kevin Yang , he said, “I just want ours Expressing a commitment that we will ensure that all e Deliveries to the facility and process automation and paperless customs are achieved.

“We will ensure that this is a world standard project.”

Representing the Chief Executive of the AFC , Sumaila Zuberu, for her part, reiterated the AFC’s commitment to the project and indicated that its success will be a point of reference for the Customs Service in other African countries.

She expressed hope that the project will be implemented quickly, adding that the AFC is still very committed to providing the funding needed for the project.

Cars become more expensive as Customs introduced controversial Electronic Valuation Policy from Friday

The Electronic Valuation Policy suspended by Nigerian Customs Service (NCS) will be reinstated on Friday 20th May 2022.

This The decision was made despite protests against the policy, which it said would increase the cost of imported cars.

The policy that requires Vehicle Inspection Number (VIN) to imported vehicles, was previously suspended after the House of Representatives intervened to head off protests by truckers or clearing agents.