BREAKING: FEC Approves $3.1bn For Automation Of Nigeria Customs
Thompson Nsisongabasi
Sep 02, 2020
The Federal Executive Council (FEC) has approved $3.1 billion for the end to end automation of the Nigeria Customs Service (NCS).
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Nigeria's Minister of Finance, Zainab Ahmed disclosed this at the end of the FEC virtual meeting in Abuja on Wednesday.
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According to her, the concessionary period is 20 years and the funding is solely from investors with the revenue expected from this automation pegged at $176bn.
The Council also approved the upgrade of safe towers in Lagos, Kano, Abuja and Port Harcourt airports.
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Analogue systems in the airports are to be upgraded to digital just as weather reports will now be transmitted instantly as against the current hourly practice, the minister added.
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The airport upgrade is to cost N13.122 billion.
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— Thompson Nsisongabasi