…Says Project will Generates Over $250 Billion to FG
ZAINAB JUNAID
The General Manager of Trade Modernization Project (TMP) Limited, Mr. Ahmed Ogunshola has listed significant growth in revenue profile of Federal Government among benefits expected to be accrued by Nigeria Government from the Nigeria Customs Trade Modernization contract signed two years ago.
The Federal Government of Nigeria and Trade Modernisation Project Limited had signed a 20-year Concession Agreement on 30th of May 2022 to provide best in class technology for the implementation of a paperless Customs at the Nigeria Customs Service.
While briefing newsmen during a media tour of the Nigeria Customs Service(NCS) Trade Modernisation Project(TMP) Ogunshola said the project will generate in excess of $250 billion to the Federal Government through out its lifespan.
He added there are many other benefits that will accrue to Nigeria, as a nation, by the time the Customs Modernisation Project, CMP, is fully implemented, among which is more thousands of job creation.
To him, CMP is the automation of the business processes of the Nigeria Customs Service (NCS), which is to simplify and enhance the experience of stakeholders in the trade value chain, making it easy to obtain import and export clearances, pay duties and obtain the release of goods.
He equally noted that the project will bring Nigeria at par with the rest of the world, in terms of deploying technology to facilitate international trade.
“Furthermore, the project will give the economic diversification agenda of the Federal Government a huge boost, by providing further ease of cross-border trading.
“Just to add, by the time the project is fully implemented, it will cover all areas of customs activities, including duties collection, clearance operations and suppression of smuggling,” he added.
In his remarks, CSC Abdullahi Maiwada, the spokesperson of the Nigeria Customs, said the essence of the tour was to update the media and general public on the CMP, which began some years ago, in order to boost trade facilitation in the country.
Findings revealed that Trade Modernization Project Limited had convened an inaugural stakeholders project implementation summit on 14 June, 2022 in order to set the pace of implementation for the project, recognising interdependencies of stakeholder roles and re-affirming the readiness of stakeholders to fully perform designated roles in the project; and the summit was attended by the Nigeria Customs Service, Infrastructure Concession Regulatory Commission, Africa Finance Corporation and Huawei Technologies Nigeria Limited.
Similarly, the project which has three phases formally commenced on 28 September 2022 after TMP reached financial close for the project on 29 August 2022, when it finalized financial arrangements with Access Bank for $300 million to finance first phase of the project as well as $9 million performance bond.
