The Nigeria Customs Service (NCS) has uncovered a massive discrepancy between the declared and actual value of imported goods in 2024, revealing widespread undervaluation and non-compliance among importers.

According to newly released Pre-Arrival Assessment Report (PAAR) performance data, the customs service recorded a 117.92 per cent increase in assessed values compared to what importers initially declared. This translates to a staggering value gap of ₦4.18 trillion.

The report showed that while importers declared goods worth ₦3.54 trillion for entry into Nigeria, the NCS reassessed the actual value at ₦7.731 trillion.

The sharp difference highlights systemic under-declaration practices and discrepancies between declared and market values of imports.

The data further underscores the scale of regulatory intervention required by customs authorities to ensure compliance. Out of a total of 213,500 PAARs processed in 2024, a significant 85 per cent, representing 181,454 reports were subjected to upward value adjustments, commonly referred to as upliftments.

The NCS attributed these adjustments directly to the undervaluation of goods by importers.

In addition, 16,086 reports, accounting for 7.5 per cent of total submissions, were amended due to misclassification of imported cargo.

Only 15,960 reports also 7.5 per cent were validated without requiring any corrections or value reviews.

The PAAR system, a mandatory electronic trade documentation process, is designed to ensure accurate valuation, proper classification, and compliance before goods arrive at Nigerian ports. Through the system, the NCS is able to detect irregularities early, strengthening risk management and improving transparency in cargo clearance processes.

The latest figures highlight the agency’s intensified efforts to safeguard government revenue while tightening oversight of import practices in the country.