A new report by the Sea Empowerment and Research Center (SEREC) warns that Nigeria Customs Service's plan to auction 905 overtime containers could fetch about ₦996 million, but risks losing more than ₦1.5 billion in potential duties and taxes. … Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader SMEs urge customs to prioritise clearance over auctions By Enitan Ajebukola Ajewumi on August 21, 2025 A new report by the Sea Empowerment and Research Center (SEREC) warns that Nigeria Customs Service's plan to auction 905 overtime containers could fetch about ₦996 million, but risks losing more than ₦1.5 billion in potential duties and taxes. The analysis shows that proper clearance of the goods—valued at over ₦3.3 billion (CIF)—would yield higher government revenue while supporting trade compliance. Importers, however, face steep clearance costs of more than ₦720 million, often leading to abandoned cargo and port congestion. Read also, For SMEs, the findings highlight the need for simplified clearance procedures and reduced charges, which would not only increase government earnings but also help small businesses access goods more affordably and grow sustainably.

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