Revealed: Smugglers buy fuel for N880/litre in Nigeria, sell elsewhere for N2,000/litre

• The Nigeria Customs Service has shed airy connected the continued smuggling of gasoline crossed the country's boundaries
• The merchandise is illegally exported to countries similar Cameroon, Niger, and the Benin Republic owed to the cheaper pump price
• The smuggling has continued successful spite of the substance subsidy removal announced by President Bola Tinubu

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The Nigeria Customs Service has provided penetration into the persistence of petrol smuggling crossed the nation's borders successful spite of the removal of substance subsidies.

smugglers similar to instrumentality substance illegally from Nigeria to different countries. Photo Credit: NCS
Source: UGC

Adewale Adeniyi, Comptroller General of Customs, claims that due to the fact that of the important disparity successful substance costs betwixt Nigeria and its neighbors, the signifier is inactive appealing to smugglers.

Speaking during the service’s archetypal 4th show briefing held successful Abuja on,Adeniyi noted,

“Despite the removal of the fuel subsidy, it is inactive profitable for smugglers to instrumentality substance illegally from Nigeria. You cognize that the prices are dynamic.”

He went connected to accidental that adjacent though Nigeria nary longer offers subsidies, the comparatively little pump terms encourages illicit exports of Premium Motor Spirit to nations similar Cameroon, Niger, and the Benin Republic, which has continued to beryllium lucrative due to the fact that of terms arbitrage.

Adeniyi emphasised that though PMS costs betwixt N880 and N950 per litre successful Nigeria, the identical merchandise is sold for importantly much successful neighbouring nations, Punch reported.

“It is little compared to astir N1600 and N2000 per litre successful Cameroon, Niger, and the Benin Republic,” helium stated.

Petrol is sold for importantly much successful neighbouring nations. Photo Credit: Contributor
Source: UGC

The caput of Customs continued by emphasising that contempt immoderate of these nations seeing humble decreases successful local substance prices, this ample terms differential inactive encourages smuggling.

“While the terms of the products is coming down to astir N850 and N900 per liter successful places similar Cameroon, it is adjacent to N2,000 per liter, successful Niger, it is N1,600 per liter, and the aforesaid with the Benin Republic.”

According to Adeniyi, the NCS has launched a peculiar anti-smuggling cognition successful effect to this persistent problem. “This arbitrage provides the incentive. That is wherefore we launched the operating Whirlwind,” helium said.

Nigeria Customs Service takes enactment connected seized arms

Legit.ng reported that the Nigeria Customs Service (NCS) has handed over1,599 assorted arms and 2,298 unrecorded cartridges to the National Centre for the Control of Small Arms and Light Weapons (NCCSALW).

The arms, seized successful 2018 successful 3 containers astatine the Tin Can Island Port, were officially handed implicit to the NCCSALW connected Thursday, February 13, 2025, astatine the office of the Federal Operations Unit, Zone 'A', Ikeja, Lagos state.

The Comptroller-General of Customs (CGC), Adewale Adeniyi, stated that the handover ceremonial demonstrates the NCS’ committedness to protecting nationalist borders and maintaining nationalist safety.

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Source: Legit.ng