Customs, CBN and the Future of Nigeria’s Economy By Abdulsalam Mahmud
The Nigeria Customs Service (NCS) and the Central Bank of Nigeria (CBN) may seem worlds apart. One guards the country’s borders, the other controls the economy. One collects tariffs, the other regulates banks.
Yet, their roles intersect in ways that shape trade, revenue and economic stability. Under Comptroller-General Bashir Adewale Adeniyi, the Nigeria Customs is pushing bold reforms. Trade must be faster. Revenue must be higher.
Smuggling must be crushed. The B’Odogwu system is one of the game changers. It is a homegrown problem-solving technology platform. The CBN, on its part, handles forex and financial policies.
It ensures smooth transactions for traders and enforces compliance among banks. The economy rests on the shoulders of the NCS and apex bank. If one falters, everything collapses. This is why collaboration between both institutions is crucial.
Last week, CGC Adeniyi reaffirmed Customs’ commitment to deepening ties with the apex bank. He led his team to visit CBN Governor, Mr. Olayemi Cardoso. The mission? To ensure seamless trade, drive economic growth and make transactions smoother for businesses.
“The B’Odogwu system will transform trade. It will speed up processes, improve documentation, and boost revenue,” Adeniyi said. He stressed the need for Customs and banks to work as one. Automating forex transactions and trade payments is key.
“We started piloting B’Odogwu at PTML in Lagos. We engaged stakeholders, including the CBN. Three months in, we integrated key trade processes like Form M and PAAR. But some banks resisted,” Adeniyi revealed.
He urged the CBN to approve bank integration for seamless transactions. Delays in getting exchange rate updates for duty collection must end. Adeniyi thanked the CBN for its support. But he wants more.
The B’Odogwu system needs a nationwide rollout. Full implementation is the goal. Cardoso welcomed the initiative. He sees value in Customs’ digital shift. “I am pleased with this new direction. Collaboration is key.
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“We will work closely to align the banking sector with this transition,” he assured. The CBN, he promised, would ensure banks comply with trade directives. The goal is simple: improve trade, boost revenue and make the system work for Nigerians.
A strong economy needs strong institutions. Nigeria Customs and CBN must work as one. Their roles are different but their goals align. Revenue generation depends on efficiency.
Trade facilitation depends on speed. Nigeria cannot afford a slow, outdated system. B’Odogwu is more than a digital platform. It is a bold step toward transparency. It is a weapon against fraud. It is a tool for economic growth.
But technology alone is not enough. Policies must support innovation. Banks must comply. Government agencies must cooperate. Customs needs real-time exchange rates. Delays hurt businesses.
The CBN must close the gaps. This partnership is about trust. It is about breaking old barriers. It is about making trade seamless. Nigerians deserve a better system.
Foreign investors are watching. A smooth trade system attracts business. A broken one repels growth. The stakes are high. Nigeria’s economy is at a turning point. The old ways are failing. Reform is not an option.
It is a necessity. Customs and CBN have set the pace. But commitment must be sustained. Halfway reforms will not work. This must be seen to the end. Nigeria cannot afford to remain stuck in inefficiency.
The future is digital. The future is seamless trade. The future must start now. Trade bottlenecks have cost Nigeria billions. Smugglers exploit weak systems. Corrupt practices thrive in manual operations.
A fully automated system will expose fraud. It will block revenue leakages. It will ensure fair trade for all. Many countries have taken this path. Nigeria cannot afford to lag behind. Delays weaken global competitiveness.
This reform is not just about money. It is about national progress. It is about making Nigeria a force in global trade. Customs officers need the right tools. Bankers need clear directives. Traders need a system that works.
If the system is weak, businesses suffer. If businesses suffer, the economy bleeds. This cycle must be broken. Digital solutions alone cannot fix everything. Human commitment is key.
Political will is even more important. Nigeria has the resources. It has the expertise. What it needs now is sustained action. A trade revolution is within reach. It is time to embrace it.
Mahmud, Deputy Editor of PRNigeria can be reached via: [email protected].
