Customs: Smugglers Buy Fuel for N880/litre in Nigeria, Sell Elsewhere for N2,000/Litre

• The Nigeria Customs Service has shed light on the continued smuggling of gasoline across the country's boundaries
• The product is illegally exported to countries like Cameroon, Niger, and the Benin Republic due to the cheaper pump price
• The smuggling has continued in spite of the fuel subsidy removal announced by President Bola Tinubu

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

The Nigeria Customs Service has provided insight into the persistence of petrol smuggling across the nation's borders in spite of the removal of fuel subsidies.

Adewale Adeniyi, Comptroller General of Customs, claims that because of the substantial disparity in fuel costs between Nigeria and its neighbors, the practice is still appealing to smugglers.

Speaking during the service’s first quarter performance briefing held in Abuja on,Adeniyi noted,

“Despite the removal of the fuel subsidy, it is still profitable for smugglers to take fuel illegally from Nigeria. You know that the prices are dynamic.”

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He went on to say that even though Nigeria no longer offers subsidies, the comparatively lower pump price encourages illicit exports of Premium Motor Spirit to nations like Cameroon, Niger, and the Benin Republic, which has continued to be lucrative because of price arbitrage.

Adeniyi emphasised that although PMS costs between N880 and N950 per litre in Nigeria, the identical product is sold for significantly more in neighbouring nations, Punch reported.

“It is lower compared to around N1600 and N2000 per litre in Cameroon, Niger, and the Benin Republic,” he stated.

The head of Customs continued by emphasising that despite some of these nations seeing modest decreases in local fuel prices, this large price differential still encourages smuggling.

“While the price of the products is coming down to around N850 and N900 per liter in places like Cameroon, it is close to N2,000 per liter, in Niger, it is N1,600 per liter, and the same with the Benin Republic.”

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According to Adeniyi, the NCS has launched a special anti-smuggling operation in response to this persistent problem. “This arbitrage provides the incentive. That is why we launched the operating Whirlwind,” he said.

Nigeria Customs Service takes action on seized arms

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

The arms, seized in 2018 in three containers at the Tin Can Island Port, were officially handed over to the NCCSALW on Thursday, February 13, 2025, at the headquarters of the Federal Operations Unit, Zone 'A', Ikeja, Lagos state.

The Comptroller-General of Customs (CGC), Adewale Adeniyi, stated that the handover ceremony demonstrates the NCS’ commitment to protecting national borders and maintaining public safety.

Source: Legit.ng