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From Godwin Tsa, Abuja and Steve Agbota
The Comptroller General of Customs, Adewale Adeniyi, has affirmed that the newly introduced Authorised Economic Operator (AEO) Programme will significantly enhance trade facilitation by reducing costs, minimising delays in cargo clearance and lowering vessel dwelling time in Nigeria’s maritime sector.
Speaking at the official launch of the programme over the weekend in Lagos, Adeniyi highlighted the initiative’s potential in ensuring operational efficiency and improving service delivery.
He stated that the AEO aligns seamlessly with President Bola Ahmed Tinubu’s vision of achieving a $1 trillion economy by 2030, complementing the President’s 8-Point Agenda.
“The AEO programme is designed to support food security, drive economic growth, create jobs, improve access to capital, and strengthen anti-corruption measures. With this initiative, Nigeria is positioning itself as a reliable, predictable, and competitive trading partner,” Adeniyi stated.
He further disclosed that during the pilot phase of the programme, AEO-certified companies recorded an average cargo release time of 43 hours, surpassing the initial 48-hour target and representing a 66.9% reduction compared to the pre-AEO period.
Recognising the commitment of companies that have met the AEO compliance standards, Adeniyi presented certifications to six companies, commending their integrity and dedication to trade efficiency.
“We started with 12 potential companies, but along the line, we had to focus on these six. I’m confident that the remaining companies will soon achieve AEO status. The success of the pilot phase speaks volumes—collectively, the six participating companies saw their trade value grow from N185.8 billion in 2023 to N563.8 billion in 2024. Their contributions to customs revenue also increased substantially, reaching N51.1 billion in 2024, playing a crucial role in the overall revenue growth from N3.2 trillion in 2023 to N6.1 trillion in 2024,” he stated.
Adeniyi further revealed that pilot companies achieved cost savings exceeding N100 million within a single quarter.
“The true measure of this partnership’s success goes beyond statistics; it lies in the quality of relationships we are building. We are not just working with compliant companies—we are fostering partnerships with organizations that uphold the highest standards of business ethics,” he added.
As part of the programme’s expansion, Adeniyi announced that the AEO registration portal for other eligible companies would officially open on February 17, 2025.
Meanwhile, the Director-General of the Presidential Enabling Business Environment Council (PEBEC), Princess Zahrah Mustapha Audu, underscored the programme’s alignment with PEBEC’s mandate to enhance Nigeria’s trade competitiveness by simplifying customs processes for trusted businesses.
“We believe that the AEO is a significant step in ensuring our businesses remain competitive and sustainable,” Audu stated.
Similarly, the Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Charles Odii, emphasized the programme’s potential benefits for small and medium enterprises (SMEs). He noted that AEO could significantly reduce bottlenecks and improve SMEs’ return on investment.
“Almost immediately, our small business owners would see a return on investment because AEO is now operational,” Odii stated.
He highlighted the participation of Lelook Nigeria Limited, a 74-year-old SME, and First Class Refreshment Ltd as examples of how the initiative empowers small businesses.
“It’s a new dawn for Nigeria with the launch of the Single Window Initiative, the introduction of AEO, and the reforms and policies that President Bola Ahmed Tinubu is implementing to transform the business landscape,” he added.
Meanwhile, the President of the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin Oye, underscored the pivotal role of the organized private sector in driving economic growth and generating needed revenue.
“The organised private sector represents 97 per cent of the economy. If you challenge us to cover the N13 trillion in this year’s budget, we can achieve it through productivity. We cannot borrow our way out or rely solely on tax increments. However, if given the right environment, we can drive the economy forward,” Oye stated.
The launch of the AEO Programme marks a significant milestone in Nigeria’s trade facilitation landscape, underscoring the country’s commitment to global best practices in customs administration and economic expansion.
English (US) ·