Business
Don Seeks Improved Enforcement To Curb Illicit Trade
A Senior Research Fellow, Initiative for Public Policy Analysis (IPPA), Dr Olajide Damilola has urged the Federal Government to improve its enforcement framework to rein in illicit trade.
Olajide, who gave the advice at a business roundtable organised by lPPA in Lagos, said that the move must be complemented by robust and coordinated law enforcement activities.
“The strengthening of relevant law enforcement authorities like the Customs Service is pertinent and greater inter-agency cooperation nationally and trans-nationally is necessary for effective enforcement that would stifle illicit trade.
“Enhanced bilateral cooperation with major source and transit countries inclusive of cross-border coordination and cooperation is necessary with appropriate sanctions and guarantees.
“The overarching aim of these measures is to secure the legal supply chain, strengthen enforcement and address the incentives underpinning illicit trade.
“Ultimately, effective enforcement initiatives against illicit trade will enable government to realise revenue objectives to grow the economy and provide social infrastructure,” he said.
Damilola, a lecturer at Abadeen University, United Kingdom UK, said that illicit products posed serious health risks to consumers and reduces tax revenues and increases instability.
According to him, it reduces market share and capacity of local businesses.
“It damages brand image of illicit manufacturers and underground economy does not reflect in country’s Gross Domestic Product (GDP),’’ he said.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.
