{"id":691,"date":"2023-10-03T09:45:21","date_gmt":"2023-10-03T09:45:21","guid":{"rendered":"https:\/\/arritoneconsult.com.ng\/blog\/?p=691"},"modified":"2023-10-03T09:45:22","modified_gmt":"2023-10-03T09:45:22","slug":"smugglers-n1-51-billion-loss-jeopardizes-nigerias-economic-growth-says-customs","status":"publish","type":"post","link":"https:\/\/arritoneconsult.com.ng\/blog\/2023\/10\/03\/smugglers-n1-51-billion-loss-jeopardizes-nigerias-economic-growth-says-customs\/","title":{"rendered":"Smugglers’ N1.51 Billion Loss Jeopardizes Nigeria’s Economic Growth, Says Customs"},"content":{"rendered":"\n

The Ogun 1 Command of the Nigeria Customs Service (NCS), Idiroko, sounded an alarm on Monday, revealing that Smugglers’ N1.51 Billion Loss Jeopardizes between January and October 2023 could have significantly contributed to Nigeria’s economy if directed towards legitimate trade. This substantial financial setback has cast a shadow on the nation’s economic prospects.<\/p>\n\n\n\n

During a symposium organized by the Ipokia Local Government Youth Forum (IPYF) titled “Smuggling and Hoarding of Petroleum Products: Effects on Border Communities and National Security,” the acting Customs Area Comptroller, Ahmadu Shuaibu, emphasized the urgent need to educate and inform border communities about the detrimental consequences of smuggling on both the socio-economic well-being and national security of Nigeria.<\/p>\n\n\n\n

Represented by the Deputy Comptroller, Administration of Idiroko Border, Charles Ogunesan, Shuaibu underscored how smuggling acts as a hindrance to the country’s economic development, disrupts social stability, and poses significant threats to national security.<\/p>\n\n\n\n

Smuggling-related incidents have resulted in casualties, including the loss of Customs officers’ lives and permanent disabilities. Furthermore, local communities have suffered losses due to the activities of smugglers and their sympathizers.<\/p>\n\n\n\n

Shuaibu revealed that between January and the present, the Command had seized goods Smugglers’ N1.51 Billion Loss Jeopardizes. He stressed that if such a substantial sum were channeled into legitimate trade, it could undoubtedly bolster Nigeria’s economy.<\/p>\n\n\n\n

The Customs Area Comptroller reiterated that safeguarding the security and development of the nation is a collective responsibility. The Command’s core mandate encompasses revenue generation, the suppression of smuggling, the facilitation of legitimate trade, and the protection of the country’s borders.<\/p>\n\n\n\n

Additionally, the symposium’s keynote speaker, Barrister Kehinde Bamiwola, offered a suggestion to reduce smuggling. He advised the government to lower customs duties and tariffs on goods not produced locally in Nigeria. However, he issued a caution that a country with a higher import volume than its exports risks accumulating a substantial debt burden.<\/p>\n\n\n\n

Bamiwola emphasized that smuggling negatively impacts local industries, disrupts the domestic economy, hinders education, and stifles legitimate trade. It also fosters unfair competition for local industries and contributes to the proliferation of counterfeit or substandard goods. Ultimately, smuggling distorts the national income equation and undermines agricultural development. The symposium served as a platform to address these critical issues and raise awareness of their far-reaching implications on Nigeria’s prosperity and security.<\/p>\n\n\n\n

For more news visit https:\/\/arritoneconsult.com.ng\/blog<\/a><\/p>\n\n\n\n

For more educational post visit examhood.com.ng<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Ogun 1 Command of the Nigeria Customs Service (NCS), Idiroko, sounded an alarm on Monday, revealing that Smugglers’ N1.51 Billion Loss […]<\/p>\n","protected":false},"author":4,"featured_media":692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[28],"tags":[],"class_list":["post-691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nSmugglers' N1.51 Billion Loss Jeopardizes Nigeria's Economic Growth, Says Customs - Arritone Consult<\/title>\n<meta name=\"description\" content=\"Smugglers' N1.51 Billion Loss Jeopardizes threatens Nigeria's economy. 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