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In Nigeria’s northeast, more than 1,800 gas stations shut over smuggling

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Nigeria’s local head of petroleum marketers stated that around 2,000 gas stations in the northeastern part of the country were closed over an anti-smuggling operation that targeted particular operators, forcing drivers to purchase gasoline on the black market.

The Nigeria Customs Service impounded tanker trucks and closed some fuel outlets on suspicion that they were smuggling gasoline to neighbouring Cameroon. This led to the suspension of operations at gas stations, according to Dahiru Buba, the chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) for the states of Taraba and Adamawa.

For years, low-cost gasoline smuggled from Nigeria has been the main source of income for black-market fuel merchants in Cameroon, Benin and Togo.

That black market commerce collapsed when Nigeria eliminated its petrol subsidy last year, but since June 2023, Nigeria has capped the price of the commodity, even if its currency has sharply declined. As a result, the product is now once again cheaper.

Under “Operation Whirlwind”, Customs initially impounded some tanker trucks belonging to IPMAN members and released them after the association protested. But more trucks were seized and several fuel stations were shut, forcing fuel station operators to close outlets en-masse in protest, said Buba.

“We wrote to them (Nigeria Customs) again but there were no responses that is why we decided to go on strike,” he said, adding that over 1,800 outlets had ceased to operate.
“This is our business and we cannot be quiet when our members are treated this way.”

According to Taraba and Adamawa Customs spokeswoman Mangsi Lazarus, tanker trucks were impounded because they were being used to transport gasoline.

Black market dealers swiftly capitalized on the shortages in Adamawa’s capital city of Yola, selling gasoline for 1,400 naira ($0.9459) per liter instead of the 650–750 naira it was selling for at the pump.

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Moroccan annual inflation rises to 0.8% in November

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Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

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According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”

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