President Bola Tinubu has emphasized his administration’s commitment to creating a business-friendly environment, which he says is drawing substantial interest from international investors and strengthening Nigeria’s global trade position. Speaking in Abuja on Wednesday at the 2024 Comptroller-General of Customs Conference, themed “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose,” Tinubu underscored his administration’s successes in attracting foreign direct investment, with over $30 billion flowing into Nigeria’s economy in the past year.
Represented by National Security Adviser Nuhu Ribadu, Tinubu explained that strategic initiatives are underway to enhance trade facilitation, modernize port infrastructure, and streamline business processes, reducing barriers to trade and fostering economic growth. “Our commitment to creating an enabling business environment has resonated with the international investment community. The confidence in our economy is reflected in the significant surge in foreign direct investments,” Tinubu stated.
Central to these achievements, he said, is the role of strategic institutions like the Nigeria Customs Service (NCS), which has advanced its modernization agenda to support Nigeria’s economic objectives. The President praised the NCS for implementing impactful reforms, including the Advanced Ruling system and the Authorized Economic Operator Program, which align with global best practices and contribute to Nigeria’s improved ease-of-doing-business ranking.
“These reforms create a more predictable business environment that supports our broader economic goals,” Tinubu noted. “The Customs Service has shown remarkable progress in revenue generation, enhancing our capacity to fund critical national projects, and has demonstrated that effective trade facilitation can coexist with strong regulatory compliance,” he added, referencing the NCS’s strengthened border security and anti-smuggling measures.
Tinubu emphasized the need for Nigeria’s agencies to align with national economic goals, particularly as the country positions itself within the African Continental Free Trade Area (AfCFTA). He called on attendees to explore innovative approaches that will strengthen Nigeria’s trade partnerships regionally and continentally.
“The outcomes of this conference should chart a path for enhancing our trade processes and compliance frameworks, positioning Nigeria to maximize the opportunities presented by regional and continental integration,” Tinubu said. He affirmed his administration’s commitment to supporting the Customs Service’s modernization through technological advancements, infrastructure improvements, and capacity-building programs.
The President concluded by encouraging the conference participants to focus on solutions that uphold national interests within the expanding trade landscape, with a vision to boost Nigeria’s position as a key economic player in West Africa and across the continent.