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Lifting Import Ban Will Raise Nigeria’s Customs Revenue By 66%: World Bank

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Lifting Import Ban Will Raise Nigeria’s Customs Revenue By 66%: World Bank

Lifting import ban will raise Nigeria’s customs revenue by 66%: World Bank. The World Bank says Nigeria could boost its customs revenue by 66 percent if the federal government eliminates arbitrary tariff deviations and import bans.
In its Nigeria Development Update (May 2025 edition), the World Bank warned that current trade policies distort prices, petrol smuggling, and weaken customs enforcement, ultimately costing the country billions in lost revenue.

The report also linked the tariff policy to lost government revenue, noting that high tariffs and import bans contribute to evasion and reduce customs collections.

World Bank noted that the deviations push consumer prices up, encourage smuggling, and weaken customs enforcement.

“Lifting them could increase current customs revenues by 66 percent, contributing to the ongoing fiscal adjustment,” the report said.
“The government should consider seizing the opportunity created by the market-reflective, competitive exchange rate to reorient trade policy for growth and jobs.

“Nigeria maintains higher-than-average tariffs on many products, bans the imports of others, and imposes many non-tariff barriers. The average tariff rate in the country is twice as high as the sub-Saharan average.”

The Bretton Woods institution said that with the naira now more competitive, domestic producers are better positioned to compete with imports and take advantage of export markets.

“To produce more and export more competitively, Nigerian firms also need to import, including intermediate goods and services,” the report added.

The bank advised the federal government to align tariffs with the ECOWAS CET and start with food items, given their direct impact on household welfare.

CET is a system where all member countries of ECOWAS apply the same customs duties, import quotas, and preferences to goods entering the region from third countries

‘TRADE RESTRICTIONS HURTING POOR NGERIANS’
World Bank warned that current trade restrictions are disproportionately hurting poorer Nigerians.

“Reducing tariffs and import bans would confer direct benefits to consumers, giving them access to more products at lower prices, lowering inflationary pressure, boosting their purchasing power, and offering relief in the context of high cost-of-living pressures,” the report said.

“Import bans increase prices by an estimated 5.8 percent on average in Nigeria, particularly for products more intensely consumed by poorer households, such as food and medical products. Lifting import bans could lower poverty rates by an estimated 2.6 percentage points.”

World Bank

World Bank

The World Bank recommendation comes more than a month after the United States Trade Representative (USTR) faulted Nigeria’s import ban on 25 items, saying the restrictions limit market access for American exporters. In Q1 2025, the Nigeria Customs Service (NCS) said it collected N1.75 trillion as revenue.

Adewale Adeniyi, comptroller-general (CG) of customs, said the amount surpassed the service’s Q1 benchmark of N1.65 trillion.
Adeniyi added that the figure also represents a 29.96 percent increase compared to the N1.35 trillion generated in the same period of 2024.

Economy

ADC Is Nigeria’s Only Reliable Political Party, Others Brought Insecurity, Hunger, Says Atiku

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Terrorists Alternative Government Under Tinubu

ADC Is Nigeria’s Only Reliable Political Party, Others Brought Insecurity, Hunger, Says Atiku

ADC is Nigeria’s only reliable political party, others brought insecurity, hunger, says Atiku. Former Vice-President Atiku Abubukar says the African Democratic Congress (ADC) is the only reliable political party in the country, noting that others have brought insecurity, hunger, poverty and unemployment.
Speaking in Jalingo, the capital of Taraba state, during the official opening of the ADC state secretariat, Abubakar said the party is ready for a 2027 victory but urged Nigerians to unite to rescue the nation.

He also asked Taraba residents to take part in the ongoing continuous voter registration exercise, adding that their participation is crucial to reversing Nigeria’s worsening hardship.
“I am in Taraba to inaugurate our new party office of the ADC, and I want you to hold the party with integrity,” Channels Television quoted Atiku as saying.

“Do not allow anybody to deceive you with any other party, because we have tasted other political parties, and they brought nothing but insecurity, hunger, poverty and unemployment. “The youths and women should know that we are doing this for them to have a better future, and I am holding on to their promise. “ADC will win Taraba state and win Nigeria as the only reliable political party.”

ADC Is Nigeria’s Only Reliable Political Party

ADC Is Nigeria’s Only Reliable Political Party

 

Abubakar, who formally joined the ADC on Monday—17 months before the 2027 general election—said his experience across political platforms convinced him that the All Progressives Congress (APC), the Peoples Democratic Party (PDP) and other parties lack the capacity to rescue the country.

He resigned from the PDP on July 16, citing “irreconcilable differences” within the opposition party as his reason for leaving.

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Akwa Ibom

Akwa Ibom Governor Pledges Commitment To Tourism, Blue Economy Development

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Maritime Growth

Akwa Ibom Governor Pledges Commitment To Tourism, Blue Economy Development

Akwa Ibom governor pledges commitment to tourism, blue economy development… commends Editi Effiong for projecting State’s tourism potentials

As part of his effort to encourage tourism and enhance the State’s blue economy, Akwa Ibom State Governor, Pastor Umo Eno, has reiterated his administration’s commitment to encourage and reward young professionals who are willing to collaborate with his administration in promoting the positive image of the State through the ARISE Agenda.

The Governor made this known while fielding questions from Government House correspondents shortly after embarking on inspection of a locale of a movie, “The Black Book 2” (Old Scores), at Ishiet Beach/Market in Uruan Local Government Area.

He commended the movie Producer and Director, Mr. Editi Effiong, for his talent, vision, inspiration, and creative ability to project the tourism potentials and boost the economy of the State.

Governor Eno charged young Akwa Ibomites to shun divisive tendencies, be inspired, and emulate the creative effort of successful Akwa Ibom sons and daughters by joining hands to develop the tourism and blue economy of the State.

“The impression is amazing, seeing that we have one of our own trying to pull the world down here.

“I would love to thank and encourage him, and to let our young people see that Akwa Ibom has what it takes to drag the world’s attention.

“It depends on what you see. Someone can see this place and write one story about a swamp that has been abandoned and make all the noise. Another person sees this place and makes a great movie out of it that will market this place to the world and is able to attract the attention because of the work he has done here,” he said.

The State Chief Executive pledged his encouragement, support, and collaboration with Editi and other young Akwa Ibomites to enable them rise to the zenith of their calling.

“We are going to work with him. Editi is a young man I have known very well. This is one thing I say to our people in the diaspora, let’s partner. Come back home, whatever you see out there, bring it back here, and let’s work together.

“I think that is the story, and I am really impressed. If you know the number of people that have visited this State in the course of this film, the talents, and the caliber of artists that have been here, then this young man deserves an award and our support,” he added.

Maritime Growth

Ibom Deep SeaPort

On his part, the movie Producer and Director, Effiong, appreciated Governor Eno for his visionary leadership and passion for tourism development.

He expressed gratitude to the Governor for creating a hospitable and tourism friendly ecosystem to enhance talent exploration through the provision of good road network and quality modern facilities which distinguished the State as one of the most treasured locations in the country.

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Crime

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

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EFCC Releases Ex-AGF Malami After Hours Of Interrogation

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

EFCC releases ex-AGF Malami after hours of interrogation. He said he would return for further questioning.

The Economic and Financial Crimes Commission (EFCC) has released the former attorney general of the federation and minister of justice, Abubakar Malami, after hours of interrogation by the anti-graft team.

Mr Malami confirmed his release in his X account on Saturday. The former minister said that he had been released and scheduled for another meeting with investigators.
He said that the reality behind the “fabricated allegations” levelled against him would become clearer with time.

“In line with my undertaking to keep Nigerians updated on my invitation by EFCC, I give glory to Allah for his divine intervention. “The engagement was successful and I am eventually released while on an appointment for further engagement as the truth relating to the fabricated allegations against me continues to unfold.”

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

EFCC Releases Ex-AGF Malami After Hours Of Interrogation

The EFCC had summoned Mr Malami through a letter dated November 24, and signed by Sunday Ofen-Imu on behalf of its chairman, Ola Olukoyede.

The EFCC did not disclose the specific allegations for which Mr Malami was invited.

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