FG Ratifies $3.1bn Customs Automation Concession Project

- Gattuso Expresses Doubt Over Osimhen’s Fitness Ahead of Benevento Clash - February 26, 2021
- Gunmen Kidnap 300 Girls in Zamfara School - February 26, 2021
- Gov Ugwuanyi Imposes Curfew - February 26, 2021
The Federal Executive Council (FEC) has ratified the concession of the automation project of the Nigeria Customs Service (NCS).
Minister of finance, budget and national planning, Zainab Ahmed said the automation project will cost $3.1 billion. She noted the project will be concessioned for 20 years.
The council also approved N13.122 billion for automation of airports in Lagos, Abuja, Kano and Port Harcourt and consequent transformation of the airports from their current analogue to full digital operations
Ahmed said, “The main objective of this project is to completely automate every aspect of the customs business and to institutionalize the use of smart and emerging technologies that will enhance the statutory function of the Nigerian Customs Service in the areas of revenue generation as well as trade facilitation and enhancement of security.”
“The consortium, the PPP group that has been approved are led by Messers Y Technologies with four other members.
“The Bionica Technologies West Africa Limited, Bargain Securities and Supplies Nigeria Limited, these are lead sponsor and co-sponsor. We also have The Africa Finance Corporation (AFC) as the lead financier and Huawei Technology as a technical service provider.
“This is a project that will not have an immediate cost to the government, the investors are providing all of the financings and this revenue will be deployed in three phases and there will look over the investment in the concessionary period of 20 years.”
In his reaction, Minister of information and culture, Lai Mohammed said, “The key point is that it is not costing the federal government one thing, the $3.1 billion being proposed will be sourced by the sponsors and the partners”.
Mohammed stated that the project will enhance the clearance efficiency of customs as well as minimise government allocation to the service for tasks already included in the digitisation process.
Source: Cable
This post was written by Nwolu Obiajulu.
The views expressed here belong to the author and do not necessarily reflect our views and opinions.
Leave a Reply
#Popular in this month
Most Popular
-
1Nigeria: Underage Voters are Registered Because Registration Officers’ Lives are Threatened – INEC
-
2Nigerian Government Approves Phased reopening of Schools
-
3Sack Service Chiefs Now, Norther Elders ask Buhari
-
4CBN’s Targeted Credit Facility for Covid-19 – Fraud or Incompetence?
-
5Nigeria Secures $288.5m African Development Bank Loan
-
6South Africa: Girl School’s Naked Cultural Performance Sparks Outrage
-
7Security: Family and Friends Mourn as Father of Two is Killed by a Stray Bullet in Lagos
Adsterra
More News...
-
My $1.9 Billion in Minnesota Bank – Femi Adesina
About Latest Posts Nwolu ObiajuluObiajulu... read more »
-
Fireboy Bags Five Awards at 2021 Headies Awards (S...
About Latest Posts Nwolu ObiajuluObiajulu... read more »
-
I Didn’t Plan to Have Kids out of Wedlock – Flavou...
About Latest Posts Nwolu ObiajuluObiajulu... read more »
-
NIN Mandatory for Bank Account Opening, Voter Regi...
About Latest Posts Nwolu ObiajuluObiajulu... read more »
-
NIN Compulsory for Bank Accounts, Voter Registrati...
About Latest Posts Nwolu ObiajuluObiajulu... read more »
-
Plans Underway to Replace BVN with NIN – FG
About Latest Posts Nwolu ObiajuluObiajulu... read more »
-
MTN Expands NIN Enrolment Capabilities
About Latest Posts Nwolu ObiajuluObiajulu... read more »
Your comment?