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Nigeria loses N200b yearly to diversion of cargoes

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The Federal Government may be loosing about N200 billion yearly to diversion of automobile imports to the ports in neighboring countries, particularly the Port of Cotonou in Republic of Benin.

The amount, according to stakeholders represents the value of tariff that should have accrued to government through the Nigerian Customs Service (NCS), if the vehicles were imported through Nigerian ports.

The Guardian learnt that more Nigerian importers are attracted to the Port of Cotonou because of lower customs duty on vehicles and other imports.

The Guardian, December 21

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