Shock as Customs list smuggled goods causing Nigeria's forex woes

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the Stock Market.

The Federal Operations Unit, Zone A, of the Nigeria Customs Service in Lagos has expressed alarm over the ongoing smuggling of rice, petrol and other goods, highlighting it as a significant contributor to the foreign exchange crisis and a threat to the nation’s economy.

The Unit criticized the damaging impact of rice smuggling and other illegal imports, stressing that such activities rob the federal government of critical tax revenue.

Customs speaks on how smuggled rice, fuel deepens Nigeria's forex crisis
Source: UGC

Illicit rice, fuel trade hits forex stability

Kola Oladeji, the Customs Area Comptroller for Zone A, shared these concerns while presenting seized foreign parboiled rice to journalists at the command.

He said:

“There is the need to stop rice smuggling to allow local rice millers to succeed. Smugglers don’t pay tax, they don’t pay anything and all these prohibited items are not meant for this country.”

Oladeji explained that the persistent daily exchange of naira for CFA contributes significantly to the naira's instability in the market.

According to The Sun, he called for an end to the smuggling of rice and other prohibited items.

Although Oladeji did not specify the quantity or value of the confiscated goods, he mentioned that the seizures were made within the last 24 hours at the South West borders.

He added that the operation was the result of prolonged surveillance and careful coordination.

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Source: Legit.ng