The Federal Executive Council (FEC) has approved $3.1 billion for the end to end automation of the Nigeria Customs Service (NCS).
Nigeria’s Minister of Finance, Zainab Ahmed disclosed this at the end of the FEC virtual meeting in Abuja on Wednesday.
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.
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.
The airport upgrade is to cost N13.122 billion.