President Bola Tinubu has reaffirmed that his administration’s vision for strengthening Nigeria’s economy is advancing as planned. The statement was delivered through the National Security Adviser (NSA) at the opening of the 24th Comptroller-General of Customs Conference in Abuja.
“When I took office last year, I laid out a clear and steadfast vision—to strengthen Nigeria’s economic foundation and promote positive growth and development for the benefit of all Nigerians,” Tinubu said. “Eighteen months into this journey, that vision remains intact. We have built on existing structures while introducing necessary reforms to keep pace with the changing global economic landscape.”
He explained that the government’s focus has been on enhancing effective policies, refining areas that required improvement, and introducing new initiatives to close gaps in the economic framework. “We recognized that while some policies were effective at their inception, they needed to be realigned with today’s global dynamics to better serve our national interests and improve the well-being of our citizens,” he added.
The president pointed out that crucial economic reforms, such as the removal of fuel subsidies and the unification of Nigeria’s exchange rate system, were vital steps in creating a more transparent and sustainable economic structure. These measures, he said, would help redirect resources into productive investments, yielding long-term benefits for Nigerians.
“Although these decisions required difficult short-term adjustments, they were necessary to ensure sustainable economic growth and prosperity for all,” Tinubu affirmed.
He also commended key government institutions, particularly the Nigeria Customs Service (NCS), for their role in advancing the country’s economic transformation agenda. “Our vision required government agencies to align their efforts with broader national economic objectives. The NCS has risen to this challenge by implementing significant reforms that are in line with global best practices,” he said.
The president lauded the NCS for its modernization efforts, including the introduction of the Advanced Ruling system and the Authorized Economic Operator Program. These initiatives, he noted, have streamlined trade, improved port efficiency, and made Nigeria a more attractive destination for international business.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, represented by Doris Uzoka-Anite, Minister of State for Finance, also expressed the government’s commitment to supporting the NCS. She highlighted the importance of providing the necessary policy guidelines to help the Service fulfill its trade facilitation mandate while balancing revenue generation.
In her keynote address, Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), acknowledged the NCS’s bold reforms but called for further improvements to meet Nigeria’s ambitious growth targets for 2050. She stressed the need for Nigeria to compare its performance with global leaders in trade facilitation and strive to meet higher standards.
Okonjo-Iweala identified key areas for continued reform, particularly in risk management, noting that Nigeria’s physical inspection rate is significantly higher than that of many developed economies. She also recommended enhancing tariff predictability and reducing discretionary waivers to improve compliance and transparency within Nigeria’s customs operations.
