The Nigeria Customs Service (NCS), on Tuesday, reported a significant surge in revenue generation for the first quarter of 2025, generating ₦1,751,502,252,298.05.

It also noted the seizure of several illicit consignments, including arms, contraband goods, and narcotics, made possible through enhanced surveillance and intelligence-driven operations.

The Comptroller-General of Customs (CGC), Adewale Adeniyi, disclosed this during a press briefing in Abuja, where he gave a detailed breakdown of the agency’s performance in revenue collection, anti-smuggling efforts, and trade facilitation for Q1 2025.

He said that the service quarterly benchmark of ₦1.645 trillion, by surpassed expectations by over ₦106 billion, achieving a 106.47% performance rate, saying “The ₦1.75 trillion recorded also reflects a 29.96% increase compared to the ₦1.35 trillion collected in the same period in 2024.”

Adeniyi attributed the revenue increase to reforms introduced under the administration of President Bola Ahmed Tinubu and the supervision of the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

He expressed appreciation to officers and staff of the Service, the Federal Government, and the media for their support.

Adeniyi cited exchange rate instability as a major challenge, noting 62 exchange rate adjustments within the quarter ranging from ₦1,477.72 to ₦1,569.53 per dollar.

He added: “Despite our achievements, the Service encountered several challenges during the quarter that impacted our operations and performance. Chief among these was exchange rate volatility, which continued to affect trade patterns and customs valuation.

“During Q1 2025, we recorded 62 changes in the exchange rate, ranging from a minimum of ₦1,477.72 to a maximum of ₦1,569.53 per USD, with an average rate of ₦1,521.59.

“This volatility, though slightly moderated compared to the previous quarter (Q4 2024) which saw rates as high as ₦1,688.28, continues to create uncertainty for traders and affects the predictability of import costs.

“We have been working closely with the Central Bank of Nigeria and the Federal Ministry of Finance to implement measures aimed at stabilizing the exchange rate for import declarations.”