Nigeria imports decline in Q1 2024 amid incessant duties hike

The Nigeria Customs Service recorded a 5 per cent decline by posting 311,492 in the volume of Single Goods Declarations for imports in the first quarter of 2024 amid increased duties.

NCS disclosed this in its Q1 2024 report released on Wednesday.

The figure showed a 15,999 decline from the 327,492 recorded in Q1 2023.

The service blamed fluctuating import duties for the drop in SGDs.

Comptroller General of Customs, Adewale Adeniyi, said the country issued about 28 import rates in Q1 2024, which resulted in a drop in SGDs.

“In the First Quarter of 2024, NCS processed 311,492 Single Goods Declarations (SGDs) for imports, reflecting the volume of import transactions handled.

“This figure indicates a decrease compared to the total volume of 327,491 processed in 2023 and 403,233 SGDs in 2022”.

“In the last quarter, a total of 28 rates were directed by the CBN, ranging from NGN 951.94 per USD 1 in January 2024 to a peak of NGN 1,662.35 per USD 1 in February 2024”, Adeniyi added.

Meanwhile, NCS recorded a 122.35 per cent increase in revenue after it posted N1.3 trillion for Q1 2024.

We generated N1.3trn revenue in first quarter of 2024 – Customs