We raked in N115bn from Lagos Free Trade Zone in 6 months – Customs


The Nigeria Customs Service, NCS, Lagos Free Trade Zone, says it generated N115 billion in revenue over the past six months.

Customs Area Controller, Olanrewaju Olumoh, made this known at a stakeholder engagement in the Free Trade Zone in Lagos on Thursday.

Olumoh expressed optimism that the command would meet and surpass its annual target by the end of the year.

“The fallout from these visits necessitated the meeting today where we shall reveal our achievements so far and discuss matters that will improve operations in the Free Trade Zones under the Command.

“The initial revenue target given to the Free Trade Zone was N108.84 billion before it was revised to N136.05 billion for 2024.

“From January 2024 till date, the command has generated N41.3 billion from the Free Trade Zone, compared to N24.7 billion collected during the same period in 2023.

“This shows an increase of N16.6 billion, representing a 67 percent rise over 2023,” he said.

Olumoh explained the fundamental benefits of establishing Free Trade Zones to include attracting foreign investments, promoting technology transfer, and creating job opportunities.

He stressed the importance of stakeholder collaboration in achieving these goals.

“It is important to keep sensitizing agents and zone operators on the Standard Operating Procedures (SOP) for Free Zones to enhance their compliance level and improve their capacity towards better service delivery,” Olumoh noted.

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