Economy
Tin Can Island Port Exports Skyrocket by 110.8% in First Half of 2023, Setting New Records
Nigeria Customs Service reports 110.8% growth in export trade and revenue collection
The Tin Can Island Port Command of the Nigeria Customs Service (NCS) reports a 110.8% increase in non-oil exports in the first half of 2023.
Customs Area Controller, Adekunle Oloyede, revealed that the non-oil export volume rose to 291,436.43 metric tonnes (MT) from 138,246.5 MT recorded during the same period in 2022.
“This growth in export trade, both in terms of volume and value, has been truly exponential,” stated Oloyede while emphasizing the impact on the nation’s economy.
He highlighted the outstanding increase in the Free On Board (FOB) value of exports, which escalated from N110.447 million in the first half of 2022 to N182.333 million in the first half of 2023, representing a 65% growth.
The surge in non-oil exports has been attributed to various factors, including strategic policy measures, improved trade relations, and a boost in local production. The Tin Can Island Port Complex (TICPC) has played a crucial role in facilitating this remarkable achievement, efficiently handling and processing goods for export.
Speaking on the overall performance of the Command, the Customs boss proudly announced, “The Tin Can Island Port Command has set a new benchmark by recording a total collection of N260.2 billion in the first half of 2023.”
Comparing the revenue collection to the same period in 2022, Oloyede noted a difference of N14 billion, with the first half of 2022 recording a total collection of N274.3 billion. Despite the slight variation, the substantial revenue generated in 2023 demonstrates the port’s consistency and ability to adapt to the ever-evolving demands of the international trade landscape.
The surge in non-oil exports and revenue collection not only boosts the nation’s economic growth but also fosters job creation and investment opportunities. It reinforces Nigeria’s position as a significant player in the global export market and enhances its potential to diversify its economy beyond oil dependence.