Customs revenues declined as a result of attacks by the terrorist sect Boko Haram on the borders of the northern regions.
According to the bi-weekly Le Financier d’Afrique on Monday 30 January 2017, Cameroon loses more than 340 billion CFA francs a year because of terrorism. According to the International Monetary Fund (IMF), the figure reported corresponds to 2% of the gross domestic product. Cameroon, like all countries at war with terrorism, has seen its budgetary resources diminish, as well as the customs revenue figures, as a result of attacks by the terrorist sect Boko Haram on the borders of the northern regions.
Revenue that could have gone beyond those recorded to date. Apart from financing the deployment of the Cameroonian Army in the Far North and North Regions (almost entirely turned into agriculture for almost two years), the partial assumption of responsibility for the Joint Multinational Force or still, the reception of refugees entail new expenses to the State. Nevertheless, despite the very recent reopening of the Cameroon-Nigeria border, as well as the opening of the customs posts scattered along the 1,500 km of this border, the local economy reached 752.1 billion FCFA in 2016.
Moreover, according to Cameroon customs sources, the annual losses incurred by the State as a result of the smuggling of petroleum products are estimated at about 100 billion CFA francs. And for good reason, since the outbreak of the attacks of the Islamic sect Boko Haram, customs officers have bound to leave with the security of the borders, whether with Chad, Nigeria or the Central African Republic, one reads in the newspaper.
The biweekly also points out that surveys carried out by the Interpatronal Group of Cameroon (GICAM) estimate that over 5,000 tons of sugar from Nigeria are putting domestic production at risk due to their fraudulent return. The tobacco industry, for its part, is experiencing a more serious situation as a result of smuggling, resulting in a financial loss of about CFAF 4 billion.