The Nigeria Customs Service (NCS) Command for the Lagos Free Trade Zone has revealed that in just eight months, the Lekki deep seaport generated N5.08 billion in revenue.

This was revealed in a press release issued by the command at its conference hall in Lagos by Compt. Mohammed Babandede, the Customs Area Controller.

According to him, “the revenue from Lekki Port was generated between April, when the port commenced operation, and December, 2023. The Command also generated the sum of N5.08 billion from Lekki Port since the commencement of operations in April 2023,” Compt. Babandede stated.

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Additionally, he disclosed that the command’s revenue was 102.82% higher than expected, with N68.960 billion coming from the Lagos free zone and N5.08 billion from Lekki Port, for a total of N74.048 billion. But he also said that the command’s 2022 revenue of N25.050 billion was eclipsed by the revenue in 2024.

“Revenue in Free Zones is generated on duties and other taxes of goods that are destined for Customs’ territory. In the year 2023, the Command recorded a remarkable feat in the area of revenue collection by surpassing her target of N34 billion.

“The command generated N68.960 billion from the free zone. This represents a collection increase of 102.82 per cent as against N25.050 billion generated in 2022.

“Cumulatively, the total revenue generated from the Command in 2023 is put at N74.048 billion. We are steadfast to surpass these amounts in 2024.

“Although we understand that high exchange rates and other challenges are affecting importation, that will not deter us from collecting accurate duties on the little imports through the Port,” the Customs boss stated.