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Bashir Adeniyi to Business Leaders: Leverage AfCFTA, PAPSS for Economic Edge

Admin by Admin
May 11, 2025
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Bashir Adeniyi to Business Leaders: Leverage AfCFTA, PAPSS for Economic Edge
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By Nkechi Eze

The Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, has called for a national reorientation towards a ‘Nigeria First’ approach as a strategic pillar for improving cross-border trade and safeguarding national security. He made this call while delivering a keynote lecture at the 2025 annual conference of the Obafemi Awolowo University Muslim Graduates’ Association (UNIFEMGA), held on Saturday, 10 May, in Ile-Ife, Osun State.

Speaking on the theme “Cross-Border Trade and Security Implications on the Nigerian Economy: Taking Advantage of Global Trade Dynamics,” CGC Adeniyi underscored the need to harmonise trade facilitation with national security goals. He noted that Nigeria’s total trade volume reached ₦196.94 trillion in 2024, representing a 179.3 percent increase over the previous year, despite ongoing security challenges.

“Nigeria’s economic prosperity hinges delicately on our ability to strike an optimal balance between security imperatives and trade facilitation,” he stated.

The Customs chief highlighted key achievements of the Service, noting that NCS recorded ₦6.1 trillion in revenue for 2024—exceeding its target by over 20 percent. He attributed this success to institutional resilience and operational reforms in the face of complex national challenges.

CGC Adeniyi offered a regional analysis of the security threats affecting trade. He explained that insurgency in the Northeast had disrupted traditional trade routes, but collaborative solutions like the World Customs Organisation’s SPC++ initiative had offered alternative channels for commerce in conflict zones.

In the Northwest, he noted that banditry and kidnapping continued to impact mining and logistics, while livestock theft across Northern Nigeria had weakened the broader agricultural and processing value chains. He also pointed to the Southeast, where secessionist-related unrest had undermined manufacturing activities in key commercial hubs such as Aba, Onitsha, and Nnewi.

Meanwhile, the Southwest, he said, faced a surge in smuggling of petroleum products, arms, and restricted goods. He disclosed that in 2024, the NCS intercepted contraband valued at ₦35.29 billion, with an additional ₦7.7 billion in seizures recorded in the first quarter of 2025.

“These regional security challenges present Nigeria with a choice: remain trapped in a cycle of reactive responses or transform our hard-earned expertise into strategic advantage within the AfCFTA framework,” he said.

As part of the Service’s domestic industrial support agenda, CGC Adeniyi revealed that all operational vehicles acquired in the current fiscal year were procured from local automobile manufacturers. “All operational vehicles purchased by the Nigeria Customs Service this fiscal year were sourced from Nigerian auto plants,” he affirmed, adding that the move aligns with the Nigeria First initiative aimed at strengthening local capacity and reducing dependence on imports.

He further outlined a three-tier action plan for enhancing border security and trade. Short-term efforts, he said, include the upgrade of major border posts such as Seme-Krake (Benin Republic), Jibia-Maradi (Niger Republic), and Mfum-Ekok (Cameroon). Medium-term priorities focus on the development of secure trade corridors equipped with surveillance infrastructure and rapid-response teams, while long-term strategies will target the creation of Special Economic Zones in border communities.

CGC Adeniyi also addressed international trade shifts, including the recent 14 percent reciprocal tariff imposed by the United States on Nigerian non-oil exports. He called for immediate diversification of export markets and greater utilisation of the $3.4 trillion African Continental Free Trade Area (AfCFTA), urging businesses to adopt innovations like the Pan-African Payment and Settlement System (PAPSS), which enables cross-border transactions in local currencies.

“Through systematic application of these principles, Nigeria can establish itself as the secure gateway to West African markets, leveraging security investments to strengthen our economic position in regional and global trade,” he concluded.

The lecture was delivered before an audience that included the Executive Governor of Osun State, Senator Ademola Adeleke; the Ooni of Ife, His Imperial Majesty Oba Adeyeye Enitan Ogunwusi; and the Vice Chancellor of Obafemi Awolowo University, Professor Adebayo Simeon Bamire.

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