Rewane: Smuggling Costs Nigeria Billions, Stifles Local Industry

Bismarck Rewane, CEO of Financial Derivatives Company Limited, stated that smuggling costs Nigeria billions and stifles local industry. He made this known during a presentation at the LBS Breakfast Session titled 'Smuggling Paradox: Good for the Few, Bad for the Economy'. Rewane described smuggling as trade that deliberately avoids duties and rules at the border, and noted that Nigeria's next growth phase depends on closing price, policy, and infrastructure gaps. He added that while smuggling has reduced, persistent price gaps, informal networks, and porous borders make complete elimination unlikely.

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