Economy
Smuggling May Wreck Buhari’s Economic Policy—Saraki Warns
By Modupe Gbadeyanka
Smuggling of goods into the country has been identified by the Senate President, Mr Bukola Saraki, as the greatest threat to the realization of the economic policies of the administration of President Muhammadu Buhari.
While declaring open on Monday a public hearing on tackling smuggling in the country organized by the Senate Committee on Customs, Excise and Tariffs at the National Assembly, Abuja, the number three citizen of Nigeria stressed that unless the monster of smuggling was tamed, efforts being made to diversify the economy from oil would not yield expected results.
In a statement issued by his Chief Press Secretary, Sanni Onogu, the Senate President called on the Committee and all the stakeholders present at the hearing to come up with relevant recommendations on the way forward to save the nation’s farmers, small scale industries and financial institutions from impending crisis.
“My personal presence here this morning along with the leader of the Senate is to make a point of the importance that this senate places on this subject matter,” Mr Saraki said.
“For me personally, it is my view that the singular greatest threat to our economy is this issue of smuggling. What is militating against the success of our government is this issue of smuggling,” he added.
The singular greatest threat to the delivery of the promises made by President Muhammadu Buhari on the diversification of the economy is this issue of smuggling.
“The level of smuggling that we are seeing cannot continue because they will definitely rubbish all the policies of government if allowed to go on. I am saying that with all sincerity and all level of responsibility and I tell you why. Today, the greatest threat to small holder farmers is smuggling.
“Today, rice farmers who have gone to take loans either from the CBN (Central Bank of Nigeria) or from commercial banks are being threatened by rice coming in from across the borders at highly subsidized rate.
“The meaning of that is that the imported rice will always be cheaper than those produced by our local farmers.
“A time will come, if we do not do anything that these farmers will not be able to pay their loans to the banks and this will result in serious crisis.
“The banks that have given loans to these farmers, will also have crisis in their hands. And for the central bank that has intervened with billions of Naira again will not be able to recoup their money.
“The processors who have invested in rice mills at the beginning of this administration will also be threatened if we do not address the issue of rice smuggling,” he said.
Mr Saraki also stated that if smuggling is not stopped, the over $7billion invested by the government in the last 10 years to stimulate local production will go to waste.
“As a country we have invested over $7billion over the last 10 years in stimulating local production,” Saraki said. “If we do not address the area of smuggling, this investment will go to waste. This is the severity of the issue before us today.
“Any institution, whether it is the National Assembly or any other one, in order to support the success of our President, we must join to stop smuggling, without it, we should just forget the issue of diversification or increased agricultural production.
“We will only pay lip service to issue of agricultural production if we do not address the issue of smuggling and that is why I made it a point to come here personally to drive this message.
“I am confident that with the caliber of members of this Committee and the stakeholders here, that we will use this opportunity to come out with robust solutions on the way forward”, the Senate President.
He insisted that smugglers must be stopped to prevent them from further sabotaging the economy.
“There is no government, any serious government, that will render itself helpless because we must know the individuals who are doing this smuggling. We must be able to know who they are. Is it that they are larger and bigger than government?
“Is it that we cannot stop them? Or is it that we don’t want to stop them? Or is that we lack the competence to stop them? These are the questions that we put before us today. We must stop them. Customs must do what it takes to stop smuggling. These are the largest economic saboteurs that are ruining our economy. We must be able to identify them. They must be made to realize that we are serious about this issue.
“We must be able to sanction officers who are responsible for this and we must be able to reward officers who prevent the issue of smuggling. We want this Committee to sit down for the length of days of public hearing and ask ourselves what is the way forward. I can assure you that our responsibility as a Senate is to ensure that whatever recommendations are made by this Committee we have to send them back to the executive because as I said this matter is the singular greatest threat to our economy and to this government”, he said.
The Senate President noted that while Nigeria must continue to respect international treaties, it cannot afford to do so at the detriment of its economy.
“There are other issues, of course, that have to do with the ECOWAS treaties and agreements,” Saraki said. “Yes, we are part of ECOWAS. Yes, we want to develop ECOWAS, but no serious country will allow anything that will ruin its economy at the benefit of its neighbouring countries.
“We must be able to do what is right. So on this note, all hands must be on deck to ensure that we address this problem squarely. I assure you of the greatest support of this Senate,” Mr Saraki said at the hearing.
He urged the Comptroller General of Customs, Colonel Hamid Ali to prove his mettle by stopping the incidence of smuggling across the nation’s borders.
“To the Comptroller General of Customs, let me say on a lighter note, that once you end smuggling, even if you want to wear jeans and T-Shirt, I will move the motion that you should wear jeans and T-Shirt,” Saraki said. “But on a serious note, this issue is very important. Let us all work towards ending this menace once and for all.”
Earlier, Chairman of the Senate Committee on Customs, Excise and Tariffs, Mr Hope Uzodinma, said the public hearing was part of the committee’s holistic investigation into the operations of the Comprehensive Import Supervision Scheme (CISS) with a view to identify the factors responsible for increasing rate of smuggling of goods into the country.
He said that the exercise was also aimed at proffering solutions to the menace of smuggling and recommend appropriate penalties to be visited on perpetrators.
By Adedapo Adesanya
A cross-border payments solutions company, Grey has expanded its business banking platform to include US Dollar corporate accounts, bulk international payments, and USDC stablecoin support, all integrated into a single system.
The company is positioning itself as a low-cost, faster alternative to traditional international banking, particularly for businesses in emerging markets as it enables companies to open US Dollar accounts, receive global payments, and send payouts to 170+ countries, including bulk transfers, within minutes.
Grey aims to solve common cross-border payment challenges, particularly the high transfer costs that often range between 6 and 7 per cent of transaction value, prolonged settlement cycles that can stretch across several days, and the limited access many businesses face when trying to open and operate foreign currency accounts. In addition, companies frequently contend with hidden intermediary fees and poor foreign exchange transparency, both of which undermine cost predictability and effective cash flow management.
By integrating USD business accounts and USDC stablecoin functionality into its platform, Grey enhances its value proposition around faster settlement, clearer pricing structures, improved cost efficiency, and broader global accessibility. The expanded capabilities enable businesses to manage international transactions with greater speed, transparency, and operational control.
“Businesses may operate without borders today, but access to reliable global banking remains uneven, particularly for companies in high-growth markets,” said Mr Idorenyin Obong, Co-founder and Chief Executive Officer of Grey. “We’re closing that gap and enabling businesses to move money faster, with greater transparency and control, wherever their clients or partners are based.”
“When payments are delayed, or costs are unpredictable, growth stalls,” added Mr Joseph Femi Aghedo, Chief Operating Officer and Co-founder of Grey. “Grey eliminates those friction points, giving businesses a faster, simpler way to manage payroll, supplier payments, and partner payouts across borders. Adding USD and stablecoin capabilities makes these benefits accessible to even more customers.”
Established in Africa in 2020, Grey has a presence in key markets, including the United States, the United Kingdom, and Europe, and has recently expanded its services and operations into Latin America and Southeast Asia.
Since its inception, the company has consistently enhanced its services to empower digital nomads worldwide, regardless of location. Grey’s offerings include multi-currency accounts, low-cost international money transfers, a virtual USD card, expense management tools, and robust security measures.
By Aduragbemi Omiyale
A partnership designed to expand access to stablecoins and on-chain financial opportunities for everyday users and businesses has been entered into between Quidax and Lisk.
The partnership provides a critical gateway for the developer community, as builders on the Lisk network can now leverage Quidax’s robust digital asset infrastructure to access stablecoins and local currencies at competitive rates.
This institutional-grade infrastructure is designed to power “future-forward” financial products, ranging from neobanks and cross-border payment platforms to regional exchanges and global fintech solutions. It will also allow Quidax customers to trade and move value seamlessly using USDT, USDC, LSK, and Ether (ETH) on the Lisk network.
The collaboration will also accelerate the adoption of Web3 solutions that solve real-world financial challenges for millions of customers across Africa by combining Quidax’s deep local liquidity and compliant framework with Lisk’s scalable L2 technology.
In 2024, Quidax became the first crypto exchange to receive a provisional operating license from Nigeria’s Securities and Exchange Commission (SEC).
“The partnership with Lisk enables us to extend our platform to serve more people and cater to the increasing demand from products and services that want to integrate our stablecoin and digital assets product to build products across Africa,” the Chief Infrastructure Officer at Quidax, Mr Morris Ebieroma, said.
Also commenting, the Ecosystem Lead for Africa at Lisk, Ms Chidubem Emelumadu, said, “Africa represents one of the most critical frontiers for blockchain innovation, where the demand for reliable and inclusive financial tools is urgent.
“Our partnership with Quidax expands access to stablecoins and on-chain financial opportunities for everyday users and businesses. At the same time, it gives founders building on Lisk the critical infrastructure they need to create solutions that can scale meaningfully across the continent,” she added.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) has urged freight forwarders to adopt its automated Licence and Permits Processing system to reduce the cost of doing business.
This advice was given by the Assistant Comptroller-General of Customs, Mr Muhammed Babadede, during a stakeholders’ engagement on automation held in Lagos on Monday.
He noted that the reform responds to longstanding demands for faster, more transparent and simpler procedures for industry stakeholders, disclosing that Comptroller-General of Customs, Mr Bashir Adeniyi, has approved the full automation of the service’s licences and permits processes.
“For years, stakeholders dealt with paperwork, long queues and uncertainty from manual processing. Those days are coming to an end.
“This sensitisation is across all zones. The goal is to ensure stakeholders understand the automated system before implementation,” Mr Babadede said.
He said automation would enable applications and renewals from offices or mobile phones, eliminating visits to customs formations, assuring stakeholders of a fair and consistent process, and reducing errors associated with manual documentation.
He said automation would improve record-keeping, supervision and service delivery without increasing pressure on officers.
The Deputy Comptroller-General, Tariff and Trade, CK Naigwan, also represented by Mr Babadede, reiterated management’s commitment to seamless implementation.
Meanwhile, the Comptroller of Customs for Licence and Permit Unit, Mrs Ngozika Anozie, praised the Comptroller-General for driving innovation within the Service, saying the automation aligns Customs procedures with global best practice and strengthens institutional efficiency.
According to her, the reform reflects the three-point agenda of the Chairman of the World Customs Organisation, Mr Adeniyi, centred on consolidation, collaboration and innovation.
She said the system would enhance the ease of doing business in the maritime sector and boost national revenue generation.
“Automation will cut business costs and reduce travel risks for stakeholders
“They will no longer travel repeatedly to Abuja, paying for transport, hotels and feeding to process licences and permits,” she said, adding that the platform would automatically reject fake documents and accept genuine submissions, curbing fraudulent practices.
“The CGC is determined to sanitise the system, and we are committed to achieving that objective,” Mrs Anozie said.
On his part, the Assistant Superintendent of Customs, Mr Ibrahim Usman, said the Licence and Permit Unit operates under the Tariff and Trade Department.
He explained that the unit ensures proper issuance of licences and permits and compliance with import regulations.
Mr Usman said all licences and permits expire on December 31 of their issuance year.
He added that the portal would become fully operational after nationwide sensitisation, with stakeholders duly informed.
Customs Area Controller, Tincan Island Command, Mr Frank Onyeka, thanked stakeholders for their continued support.
He urged them to take the exercise seriously to achieve seamless processing across Customs operations.
Stakeholders raised concerns about online payment integration and potential technical disruptions.
Officials addressed the questions and pledged continued engagement to ensure smooth implementation nationwide.
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