Business
Customs Intercept Foreign Rice, Others Worth Over ₦126 Million
Customs Intercept Foreign Rice, Others Worth Over ₦126 Million....KINDLY READ THE FULL STORY HERE▶
The Kebbi State Area Command of the Nigerian Customs Service has seized various goods, including 212 50kg bags of foreign parboiled rice valued at over ₦126 million, Naija News reports. Additionally, the seized goods also included 10,025 litres of petrol, worth over ₦2 million.
This was disclosed in a statement issued on Friday by the Customs Area Comptroller, Iheanacho Ojike.
According to Ojike, the command has been actively combating smuggling by conducting extensive patrols throughout Kebbi. The use of intelligence and community sensitization has been instrumental in enhancing their operations.
He noted that smuggling not only harms the economy but also poses a threat to the well-being of citizens. The measures implemented to tackle this issue have resulted in the confiscation of these items.
The seized items included “28 bags weighing 25kg each, 200 bales of second-hand clothing (jumbo size), and 50 bales of normal size, and 10,025 litres of premium motor spirit”. Others are “39 lumps of Indian hemp (cannabis sativa), 78 rolls of Diclofenac Sodium, 300 wraps of diazepam tablets 5mg each, 57 packs of sex enhancement drug (black diamond), 150 expired powdered milk, 50 pieces of used tyres and 20 pieces of rims, 20 cartons of foreign spaghetti, 20 bags of foreign sugar, and 10 jerry cans of vegetable oils.
“The combined duty paid value of the seized items is N126,278,959.60. The PMS value is not included in the DPV because it is given in our revenue generation section as receipts from auction sales.”
He said the successful operation was made possible by the determination and bravery displayed by the Customs Operations teams, Intelligence Unit, Joint Border Patrol Team (JBPT), and cooperation with other agencies.
Ojike mentioned that the Indian hemp will be transferred to the National Drug Law Enforcement Agency.
Regarding revenue generation within the command, the comptroller noted that it has been hindered lately because of the border closure involving Nigeria, Benin Republic, and Niger Republic.
“Even with this challenge, the command managed to generate N7,215,500 in the two months under review, which is a 125 per cent increase compared to the two previous months,” The PUNCH quoted Ojike saying.
The future of Nigeria’s Naira-for-Crude policy remains in limbo as negotiations continue between the Nigerian government and Dangote Refinery. The six-month agreement between the Nigerian National Petroleum Corporation (NNPCL) and Dangote Refinery expired on March 31, 2025, without a renewal, leading to the suspension of the refinery’s sale of refined petroleum products in Naira. However, the refinery has continued processing approximately 400,000 barrels of crude oil daily, with 35% of the crude sourced from international markets, particularly Brazil and Equatorial Guinea.....KINDLY READ THE FULL STORY HERE▶
Although the policy’s future is still under review, sources suggest that its economic implications, especially concerning fuel prices and foreign exchange rates, make it crucial to the national economy. Despite challenges in crude supply from NNPC, Dangote Refinery has expanded its global sourcing and is currently sourcing crude from Brazil’s Petrobras and Equatorial Guinea.
No official agreement has been reached yet to extend the Naira-for-Crude deal. The Nigerian government’s committee in charge of the policy is waiting for recommendations from the Nigeria Upstream Petroleum Regulatory Commission before proceeding. Meanwhile, the refinery’s management has expressed uncertainty regarding the renewal of the deal, citing concerns over the financial strain and volatility of exchange rates. The future of the policy remains unclear, with NNPC expected to supply crude oil to Dangote Refinery in April, but payment terms are yet to be finalized.
The price of cement, a vital resource for Nigeria’s construction industry, has witnessed significant changes recently, with rates fluctuating depending on brand, location, and market factors. Here is an overview of the current prices for some leading cement brands:....KINDLY READ THE FULL STORY HERE▶
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Dangote Cement: The cost of a 50kg bag of Dangote Cement ranges between ₦8,000 and ₦10,300. Known for its high quality, Dangote Cement remains a preferred choice in various construction projects. Prices are generally lower in areas near production plants but tend to rise in regions requiring extensive distribution.
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BUA Cement: Priced between ₦8,000 and ₦8,500 per 50kg bag, BUA Cement is popular among builders due to its competitive pricing and stability. Prices may vary slightly depending on proximity to manufacturing sites.
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Lafarge Water Shield Cement: Priced at ₦20,000 per 50kg bag, this cement variant is specifically formulated for durability and resistance to moisture, making it ideal for projects in damp environments.
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Waterproof Cement JK: Available at ₦15,000 per 50kg bag, Waterproof Cement JK is engineered to offer exceptional protection against water ingress, particularly useful for wet construction sites.
Over the past year, cement prices in Nigeria have surged significantly. At the start of 2024, a 50kg bag cost around ₦4,500. By November 2024, the price rose to about ₦8,500, reflecting an increase of approximately 89%. This upward trend is attributed to factors such as rising production costs, increased demand, and logistical challenges.
Marketers predict a potential further increase in cement prices, emphasizing the need for stakeholders in the construction sector to stay informed and plan accordingly.
A recent survey conducted by Naija News has revealed a notable decrease in the price of cooking gas in Nigeria, offering much-needed relief to households and small businesses. According to the survey, the cost of refilling cooking gas per kilogram has reduced significantly from ₦1,350 to ₦1,020.....KINDLY READ THE FULL STORY HERE▶
This positive development is expected to ease the financial burden on Nigerian families and small enterprises, especially those that heavily depend on cooking gas as a primary energy source. The survey, encompassing gas stations and vendors from various parts of the country, shows that the reduced price may help lower the overall cost of living.
The revised price breakdown is as follows:
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1 kg of Cooking Gas: ₦1,020
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3 kg of Cooking Gas: ₦3,060
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5 kg of Cooking Gas: ₦5,100
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10 kg of Cooking Gas: ₦10,200
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12.5 kg of Cooking Gas: ₦12,750
This decline marks a significant shift from the previous upward trend in gas prices and is likely to positively impact the economy, particularly the food and hospitality sectors. Businesses that rely on cooking gas will experience reduced operational costs, ultimately boosting their profit margins.
Experts attribute the drop in cooking gas prices to several factors, including fluctuations in global energy costs and adjustments within local supply chains. Despite recent variations in crude oil and natural gas prices, the reduction is perceived as a welcome development for Nigerian consumers.
By spending less on cooking gas, households and small businesses will now see some financial relief in their monthly budgets, especially during these economically challenging times.
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