The Nigeria Customs Service (NCS) has identified the growing rate of petrol smuggling as a major factor impacting the availability of foreign exchange (FX) in the country.
Husseini Ejibunnu, coordinator of the operation whirlwind taskforce, made this known on Tuesday in Lagos while showcasing seized petrol.
Ejibunnu explained that smugglers are driving up the demand for dollars to smuggle petrol out of Nigeria, which negatively affects the exchange rate.
"The economic challenge is clear. When you have an excess of these products leaving the country, it impacts our exchange rate. Right now, there are many smugglers seeking dollars to take petrol out of Nigeria, which in turn affects the naira," he said.
He also highlighted how smuggling impacts the availability of petrol for Nigerians. "Another consequence is that we, within the country, won’t have enough of the product to use," he added.
The security risks are also alarming. "When these products end up in the hands of non-state actors like terrorists or kidnappers, they use them to fuel their operations and launch attacks on us," Ejibunnu warned.
He urged the public to report smugglers to help the authorities combat the issue, stating, "We need credible information on those supplying these products to criminal elements."
Ejibunnu stressed the need to stop aiding attackers by cutting off their fuel supply, which would significantly reduce their activities.
Operation whirlwind, initially set for three months, has been extended for another four months to tackle this growing problem.
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