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Home Business News

Nigeria Customs Service impounds textile materials worth over N11 billion

Charles AbuedebyCharles Abuede
4 years ago
in Business News, Politics
Nigeria Customs
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The Nigeria Customs Service (NCS) has disclosed that it impounded 140 bundles of smuggled textile materials worth N11.2 billion in Lagos.

The customs said that the officers attached to Zone A, Federal Operations Unit (FOU), yesterday, intercepted the smuggled goods coming from neighbouring countries into Nigeria. The agency also stated that the smuggling is at the expense of the locally produced textiles goods.

While disclosing the development, the Customs Area Controller in charge of Zone A, Mohammed Aliyu, said-

“The textile materials which were worth over N11.2 million were intercepted by our officers after being smuggled from neighbouring countries”.

“Also, a total of 25,153 bags of foreign parboiled rice smuggled into the country were also intercepted by our men at the nation’s borderland.” 

Read also: CBN unveils plans to boost commodities export

Nigeria Customs Service impound textile materials worth over N11 billion
textiles materials being seized by the Nigerian Custom service

The Nigerian textile industry, according to the Central Bank’s Governor, Mr. Godwin Emefiele, is worth over $10 billion. Bu the country spends over $4 billion on the importation of textiles and ready-made clothing materials annually, and also loses over $2.2 billion to the illegal activities of smugglers in the country.

Read also: Petrol subsidy gulped over N11 trillion in 6 years

As Nairametrics previously reported, the Central Bank has begun blacklisting of individual and businesses or companies who are found to be involved in the smuggling of any of the 43 items banned by the Government.

It is, however, noted that the activities of smugglers illegally importing textile materials through the national borders have increased following the ban. What this means is that locally produced products might lose markets as a result of smuggling. This could, in turn, affect the economy.

Moreover, the local industry could eventually collapse unless drastic actions is taken by the Federal Government towards addressing the situation.

Read This: Major boost for Nigeria as U.S increases oil imports from Africa 

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Tags: Central Bank of NigeriaFederal Government of NigeriaNigeria Customs Service NCS

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