Juliana Taiwo-Obalonye, Abuja
The Federal Executive Council (FEC) has approved $3.1 billion for the end-to-end automation of the Nigeria Customs Service (NCS).
Minister of Finance, Budget and National Planning, Zainab Ahmed, made the disclosure at the end of the 14th virtual Federal Executive Council meeting, yesterday.
Ahmed, alongside the Attorney-General and Minister for Justice, Abubakar Malami; Works and Housing, Babatunde Fasola; Information and Culture, Lai Mohammed; Aviation, Hadi Sirika; and Communications and Digital Economy, Dr. Isa Ali Pantami, said the funds would be sourced solely by the concessionaires who would be in charge of the project for 20 years.
The minister, who said government was targeting $176 billion revenue from the project, explained that the project would enable the complete automation of NCS processes and procedures using applications and information and technology in all aspects of Customs administration.
Ahmed said the project was awarded in favour of a firm, E. Customs HC Projects Nigeria Limited, for a concessionary period of N20 years: “The main objective of the project is to completely automate every aspect of the customs business and to institutionalize the use of smart and emerging technologies that will enhanced the statutory function of the Nigeria Customs Service in the areas of revenue generation as well as trade facilitation and enhancement of security.”
The minister said the consortium, the PPP group approved for the project, was led by Messrs Y. Technologies, with four other members.
“The key point is that it is not costing the Federal Government anything. The $3.1 billion being proposed will be sourced by the sponsors and the partners.”