Business
Trade modernisation project to boost efficiency in Nigeria’s trade operations – expert
An expert, Mr Ibrahim Yahaya, says that the Trade Modernisation Project (TMP) being implemented in Nigeria will boost efficiency in trade facilitation..
Yahaya said this in an interview on Sunday.
Our Correspondent reports that TMP is the automation of the business processes of the Nigeria Customs Service (NCS) to simplify and enhance the experience of stakeholders in the trade value chain.
The project is a 20-year concession, with an execution agreement signed in May 30, 2022, between the Federal Government of Nigeria, represented by NCS Board, and the Trade Modernisation Project Ltd.
It aims to streamline the process of obtaining export and import clearances, ease the payment of duties, and facilitate the release of goods.
The project would deploy a software described as the Unified Customs Management system (UCMS), where trade operators have the advantage to also monitor all stages of their transactions.
It will equip the NCS with state-of-the-art technology infrastructure and facilities, to transform the service into an organisation that provides efficient services to businesses and other government agencies.
The TMP is an improvement on the current system, featuring advanced capabilities such as Artificial Intelligence (AI) to aid in the classification and validation of uploaded documents or data.
Yahaya, the Managing Director of Paynacle Digital Services, said that TMP would help reduce corruption in customs operations and ensure transparency and efficiency in their activities.
“It will also cut the time used in document verification. TMP will speed up the process for those importing or exporting, something that used to take 20 days can now take one hour.
“I believe that with AI in the system, it will help predict government revenue, and if there is any deficiency, it will address it,” he said.
He said that the project would aid Nigeria’s budgetary system, considering that revenue generated from NCS is a crucial source of revenue for the country.
He said that for Nigeria to advance its economic diversification efforts, TMP was crucial to boosting its integrity in attracting foreign investment through international trade.
“It will help in boosting Nigeria’s integrity in international trade because the system has undergone sanitisation,” he said.
According to him, if properly implemented, TMP would unify customs activities and management, significantly curbing corrupt practices within the system.
According to him, it will also ensure transparency and efficiency in NCS activities, particularly in checking the issuance of fake customs duty documents.
“We often see a lot of fake customs duty documents, and the mode of production and issuance is obsolete.
“Traditionally, it makes it easy for people to manipulate, but automation will help address that and improve efficiency,” he said.
Yahaya urged the engagement of experts in the implementation of the project, noting that the Public-Private Partnership would help sustain the project.
“I suggest they hire experts in cybersecurity and private companies to maintain its services,” he said.
Our reporter gather that TMP is implementing nine technical agreements with its technical and financial partners.
Access Bank Plc is the financial partner, Huawei, the lead technical partner, and CrossborderXP Ltd is the software development partner, among others.
The Kogi State Government has assured retirees that pension and gratuity payments are now processed transparently, eliminating the need for personal connections or lobbying before benefits are paid to retirees.
Director-General of the Kogi State Pension Commission, Mariam Abedo, disclosed this in an Exclusive Chat with the Special Adviser on Media, Ismaila Isah who was on a courtesy visit to her office in Lokoja.
She explained that the government has introduced a technology-driven payment system that ensures fairness and efficiency.
“Once a retiree’s documentation is complete, their payment is processed without any influence. We currently process over 200 retirees daily,” she stated.
Abedo further disclosed that the commission has significantly cleared pension arrears as the state has consistently made funds available to meet obligations of retirees.
She emphasized that transparency and accountability have improved the commission’s operations, making the payment process smoother and more reliable.
Abedo also warned retirees against falling victim to individuals who claim they can influence payments of benefits, stressing that all entitlements are processed strictly on merit.
She commended Governor Ahmed Usman Ododo for prioritizing the welfare of pensioners and reassured retirees that payments would continue as funds are available to the commission to pay benefits to retirees in the state.
A leading African payments technology company, Flutterwave and the Federal Inland Revenue Service, FIRS have concluded collaborative discussion to digitize tax collection in Nigeria.
The collaboration is a step initiated by the FIRS to simplify tax compliance by offering multiple payment options, real-time reporting, and offline capabilities for those with limited internet access.
Meanwhile, Flutterwave CEO Olugbenga ‘GB’ Agboola stressed the firm’s commitment to ensure the using of technology to enhance efficiency, transparency, and economic growth by digitizing government tax collections.
Agboola said: “At Flutterwave, we are committed to leveraging technology to drive efficiency and economic growth. By making tax payments easier and more transparent, we are helping to digitize government collections and support national development which is in line with our mission,” he said
The partnership enables businesses and individuals to pay taxes, levies, and other statutory fees through Flutterwave’s secure and efficient digital infrastructure.
Driving transparency and accessibility
The integration introduces several enhancements, including Flutterwave’s Senior VP, Olufunmilayo Olaniyi, highlighted the importance of public sector collaboration in advancing digital payments, fostering trust, and driving innovation in Nigeria.
“Working with the public sector is pivotal to shaping the future of digital payments in Nigeria. This underscores our commitment to delivering solutions that serve Nigerians better, foster trust, and drive impactful innovation through strategic collaboration.”
What you should know
The Nigerian government has been implementing several measures to enhance tax compliance and efficiency, including digital reporting and e-invoicing systems. In line with these efforts, the Federal Inland Revenue Service (FIRS) is set to pilot its “e-Invoice” platform in July 2025 to streamline invoice management and improve real-time visibility into business transactions.
Amid these regulatory shifts, Flutterwave has been strengthening its presence in Nigeria’s financial ecosystem through strategic collaborations. Beyond facilitating tax payments, the company has expanded its role in digital innovation and security. It recently partnered with the National Information Technology Development Agency (NITDA) and Alami to drive digital transformation and empower SMEs in the tech and creative industries.
Also in 2024, Flutterwave deepened its commitment to financial security by partnering with the Economic and Financial Crimes Commission (EFCC) to establish a Cybercrime Research Center at the EFCC Academy.
Fidelity Bank Plc has announced 20 new millionaires at the 2nd and 3rd monthly draws of its Get Alert in Millions Season 6 (GAIM 6) promo held at the bank corporate head office in Lagos.
The 20 lucky winners, randomly selected through an electronic draw across Lagos, North, Abuja, South-West, South-South, and South-East zones, will be rewarded with the sum of one million naira each.
Speaking at the draws, the promo Chairperson and Executive Director for Lagos and South-West, Fidelity Bank Plc, Dr. Ken Opara represented by the Regional Bank Head, Ikoyi, Chetachi Okechukwu, noted that the GAIM 6 promo was designed to reward customers’ loyalty, encourage a savings culture, and promote financial inclusion across the country.
According to Opara, “Fidelity Bank is dedicated to the financial well-being of our customers and this commitment inspired the launch of the GAIM Promo, designed to cultivate a strong culture of savings.
“Through this promo, customers have the chance to win substantial cash prizes up to N10 million by saving and transacting with their Fidelity Bank Savings accounts. In addition to the monetary rewards, winners will receive complimentary financial advisory services to secure and grow their wealth for the future.”
The monthly draws was monitored by the representatives of relevant regulatory bodies, including the South-West Zonal Coordinator, Federal Competition and Consumer Protection Council (FCCPC), Mrs. Aboluwade Margaret; and the Principal Legal Officer, Lagos State Lotteries and Gaming Authority, Oyinkan Kusamotu.
Since the campaign launched in November 2024, Fidelity Bank has disbursed N19.75 million to 869 customers across different categories. The GAIM 6 campaign, which will run until August 2025, is set to reward lucky customers with a total of N159 million.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
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