Customs to generate $200bn from TMP
.Commission project management office
Nigeria Customs Service (NCS), on Thursday, said that the service will generate over $200 billion revenue in the next 20 years through the Trade Modernisation Project (TMP).
NCS in partnership with Trade Modernisation Project (TMP) Limited, under a Public Private Partnership (PPP) arrangement, to deliver the best-in-class technology for full automation of NCS processes, to aligns with its peers around the world.
The Chairman of TMP, Alhaji Saleh Ahmadu, stated this in Abuja, at the commissioning of a project management office as part of the plan towards seamless implementation of the Trade Modernization Project.
Ahmadu said: “Under the terms of the concession agreement, TMP will invest a total of US$3.2 Billion over a 20-year period, which will generate more than US$200 Billion in revenue for the Federal Government.
“The financing for the first phase of the project, in the sum of US$300 Million, together with a cash backed US$9 Million Performance Bond in favour of the NCS, have been secured through our financial partners. A substantial part of this investment will go towards building the capacity of the NCS, ensuring business continuity, and managing the associated project risks.
“The retrofit of the Project Management Office (PMO) is part of this initial investment. As trade becomes increasingly complicated, the project will equip the NCS with the necessary technology tools and platforms to drive trade harmonization.”
In his remarks, the Comptroller-General of Customs (CGC) Col. Hameed Ali (rtd), noted that the project aimed at ensuring end-to-end automation of the processes and procedures of the service.
He said that his administration chose to embark on the TMP initiative project because it understood the significance of digitalization in driving efficiency, transparency and effectiveness.
Ali said: “As we launch the PMO today, it symbolizes the beginning of a journey filled with excitement, camaraderie, and personal triumphs for the NCS. Let us remember that the true victory lies not only in reaching the finish line but also in the spirit we bring to this race.
“Let us encourage and uplift one another, for it is the collective energy of this event that makes it truly extraordinary. It is through this transformation that we will unlock new possibilities and opportunities for growth and success.
“Let us remind ourselves that technology does not drive itself, people do. We must be receptive to the new ideas that evolve with technology, we must be ready to adapt to changes in our working environment.
“I pray that the Modernisation Project will be a milestone in our history. marking the beginning of a new era characterized by innovation, collaboration, and sustainable growth. Let us move forward with confidence, knowing that our collective efforts will yield remarkable results.”