President Bola Tinubu remains steadfast in his vision to strengthen Nigeria’s economy through transformative policies aimed at long-term growth. Addressing the nation through the National Security Adviser at the 24th Comptroller-General of Customs Conference in Abuja, Tinubu reflected on the journey since assuming office, highlighting the progress made despite economic challenges. “When I assumed office last year, I set out with a clear and unwavering vision – to strengthen Nigeria’s economic base and foster positive growth and development for the benefit of all,” he declared.
Now 18 months into his term, Tinubu’s administration has introduced major economic reforms, focusing on policy realignment to address evolving global and domestic demands. Notable measures include the removal of fuel subsidies and the unification of Nigeria’s exchange rate system—steps Tinubu argues were vital for creating a transparent, sustainable economic framework. He explained that while these reforms required short-term sacrifices, they are expected to yield long-term benefits, redirecting funds toward productive investments that will benefit Nigerians.
Tinubu emphasized that Nigeria’s economic blueprint requires a dynamic approach, recognizing the need to adapt longstanding policies to contemporary challenges. “We recognized that some economic policies, though useful in their time, needed realignment with current global dynamics to better serve our national interests and the well-being of our people,” he explained.
A key part of the administration’s approach involves strengthening government institutions, with the Nigeria Customs Service (NCS) singled out for its significant contributions. Praising the Customs Service for implementing modernization initiatives such as the Advanced Ruling System and the Authorized Economic Operator Program, Tinubu noted that these changes are crucial in making Nigeria a more attractive and efficient business hub. These reforms have enhanced port efficiency and trade facilitation, bolstering Nigeria’s ease-of-doing-business ranking and improving revenue generation, which in turn funds critical national development projects.
Minister of Finance Wale Edun, represented by Minister of State Dr. Doris Uzoka-Anite, underscored the government’s support for the Customs Service, emphasizing the importance of policies that enable NCS to facilitate trade while balancing revenue generation. This balance, she noted, is crucial to sustaining growth amid challenging economic conditions.
World Trade Organization (WTO) Director-General Dr. Ngozi Okonjo-Iweala also addressed the conference, applauding NCS’s efforts while urging further reforms to help Nigeria meet its ambitious targets for 2050. She pointed out that Nigeria’s high rate of physical customs inspections contrasts with global best practices, suggesting that improved risk management and a reduction in discretionary waivers would boost compliance and efficiency. She recommended streamlining these processes to help Customs better focus on key compliance checks, which would enhance revenue collection and encourage fair competition among businesses.
Dr. Okonjo-Iweala also announced that Nigeria’s trade policies are due for review by WTO members, an evaluation that will serve as an opportunity for reflection and improvement. She encouraged Nigeria to consult the WTO Secretariat’s Trade Policy Review report for recommendations on creating a more efficient, competitive trade environment.
The conference highlighted Tinubu’s dedication to building a stable, growth-oriented economy, leveraging institutional reforms and global insights. With an emphasis on alignment between government agencies and a flexible approach to evolving economic demands, Nigeria’s economic framework is being reshaped for resilience and sustainability.
