$3.1bn Customs modernisation project gets formal consent
By Udeme Clement :
The news reaching our platform reveals that the Federal Executive Council, FEC, has given a formal consent
to the contract for Nigeria Customs Service ,NCS, modernisation project put at a whopping sum of $3.1 billion.
The FEC meeting, which gave the ratification was presided over by President Muhammadu Buhari, while the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed presented the memo meant to enable the complete automation of Customs processes.
According to her, “The main objective of the project is to ensure complete automation of all aspects of Customs procedures in trade facilitation, as well as revenue collection.
Speaking further, the Minister explained that the project was awarded in favour of ‘E. Customs HC Projects Nigeria Limited, for a concessionary period of N20 years’.
She informed, “The consortium and PPP group approved for the project are led by Messers Y Technologies with four other members.
“The Bionica Technologies West Africa Limited, Bargain Securities and Supplies Nigeria Limited are lead sponsors and co-sponsors. Africa Finance Corporation, AFC is also among the lead financier, as well as Huawei Technology, as a technical service provider.
“This project will not bring an immediate cost to the Federal government. Rather, the investors will provide the finances.
“The revenue will be deployed in three phases to over the investment concessionary period of 20 years.”