Customs, CBN Strengthen Partnership For Technology-Driven Trade Reforms

The Comptroller-General of Customs, Adewale Adeniyi, has reaffirmed the Nigeria Customs Service (NCS) commitment to enhancing collaboration with the Central Bank of Nigeria (CBN) to facilitate trade and boost revenue generation.

Adeniyi disclosed this during a courtesy visit to the CBN, where he met with its governor, Olayemi Cardoso.

In a statement on Friday, the NCS boss noted that the partnership seeks to drive the full implementation of the B’Odogwu system—an indigenous trade facilitation platform developed by the NCS to replace the existing Nigerian Integrated Customs Information System (NICIS) II.

“The initiative is expected to modernise Customs operations, improve efficiency in trade documentation, and enhance revenue collection,” Adeniyi stated.

Speaking on the project, he emphasised the importance of seamless integration between customs and financial institutions, particularly in automating foreign exchange transactions and trade-related payments.

He explained that the new system was introduced following the contract’s expiration with the previous service provider, which had been extended multiple times before the government entered a new concession agreement in 2023.

“We began piloting the B’Odogwu programme at the Port and Terminal Multi-Services Limited (PTML) Area Command in Lagos and engaged all stakeholders, including the Central Bank.

“Three months into the pilot phase, we integrated key trade documentation processes such as Form M and Pre-Arrival Assessment Report (PAAR) but encountered initial challenges, particularly resistance from some of the authorised dealer banks (ADBs),” Adeniyi noted.

He urged the Central Bank to grant the necessary approvals for banks to integrate into the system to enable seamless transactions.

Adeniyi also highlighted bottlenecks in the current manual process of communicating the prevailing exchange rate to the service by the apex bank for duty collection. He appreciated the Central Bank’s support and called for continued collaboration to ensure a smooth nationwide rollout of B’Odogwu.

In response, the Central Bank Governor, Olayemi Cardoso, commended the Customs Service for its innovative approach and pledged his support in ensuring the initiative’s success.

“I am pleased to see a new direction in customs operations. Collaboration is key, and we will continue to work closely to ensure seamless integration. Our commitment is to provide the necessary support so that the banking sector aligns with this transition,” Cardoso said.

He assured that the Central Bank would work towards ensuring compliance among commercial banks with directives to improve trade processes and enhance revenue collection efficiency.

Customs, CBN Strengthen Partnership For Technology-Driven Trade Reforms is first published on The Whistler Newspaper