Customs, CBN Strengthen Partnership to Implement Technology-Driven Trade Reforms.

Customs, CBN Strengthen Partnership to Implement Technology-Driven Trade Reforms.
… As NCS Prepares to Activate B’Odogwu in other Commands.

By Joe Njoku,
Global Freight News.

The Comptroller-General of Customs, Bashir Adewale Adeniyi MFR, 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, a development he said would benefit all Nigerians.

The CGC Adeniyi made this known during a courtesy visit to the Central Bank of Nigeria, where he met with its governor, Olayemi Cardoso

According to the CGC, the partnership aims to drive the full implementation of the B’Odogwu System, an indigenous trade facilitation platform developed by the NCS to replace the existing Nigeria Integrated Customs Information System (NICIS) ll.

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

Speaking on the project, he emphasized 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 Multiservices Limited (PTML) Area Command in Lagos and engaged all stakeholders, including the Central Bank of Nigeria. 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 CBN to grant the necessary approval for banks to integrate into the system to enable seamless transactions

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

In response, the CBN 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 with you to ensure seamless integration. Our commitment is to provide the necessary support so that the banking sector aligns with this transition,” he said.

However, he assured that CBN would work towards ensuring compliance among commercial banks with directives to improve trade processes and enhance revenue collection efficiency.