The Tin Can Island Port Command of the Nigeria Customs Service (NCS) has achieved remarkable growth in non-oil exports during the first half of 2023 (H1’23). The non-oil export volume surged by 110.8% compared to the same period in the previous year, H1’22.
Specifically, the Command recorded a substantial increase in non-oil exports, with the tonnage rising from 138,246.5 metric tonnes (MT) in H1’22 to 291,436.43 MT in H1’23. This significant growth demonstrates the increasing demand for Nigerian products in the international market.
Adekunle Oloyede, the Customs Area Controller (CAC) of the Command, emphasized that the export trade witnessed exponential growth in both volume and value (Free On Board, FOB). In addition to the surge in volume, the FOB value of exports increased from N110.447 million in H1’22 to N182.333 million in H1’23, marking a remarkable 65% increase.
Alongside the impressive export performance, the Tin Can Island Port Command achieved commendable revenue collection during the same period. The Command collected a total of N260.2 billion in H1’23, showcasing robust financial results. Though there was a slight variation compared to the previous year’s first-half collection of N274.3 billion, the Command’s overall performance remained strong.
The growth in non-oil exports reflects the continued efforts and initiatives by the Nigerian Customs Service and the business community to boost the country’s foreign trade and diversify its revenue sources. As Nigeria expands its global footprint in the export market, this positive trajectory is expected to contribute significantly to the country’s economic growth and development.