FEC Approves $3.1bn For Automation Of Nigeria Customs

Nigeria’s Minister of Finance, Zainab Ahmed has announced the approval of $3.1bn for the automation of Nigeria Customs Service.

The Minister revealed the automation of the Nigeria customs project has the potential to yield up to $176 billion of revenue when completed.

This investment of $3.1 billion is broken down into capital investment of $1.2 million that will be done in three phases over 36 months by these investors.

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The Minister revealed that the $3.1 billion project would not cost the country a dime, however, it would be concessioned to E. Customs HC Projects Nigeria Limited for a period of 20 years.

The Minister also announced that the approval of N13.122 billion for the automation of four Nigerian airports and consequent transformation of the airports from their current analogue to full digital operations.

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