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    USD/NGN

  • 1.96

    NGN/CFA

'Developing Economy': N2.83 Trillion Lost Annually to Inaccurate Transactions

'Developing Economy': N2.83 Trillion Lost Annually to Inaccurate Transactions

Nigeria loses about N2.83 trillion a year as a result of inaccuracies in measurements in various transactions, a consultant to the federal government in the measurement fields has said.

'Developing Economy': N2.83 Trillion Lost Annually to Inaccurate Transactions

Chairman of Nigerco Nigeria Limited, Yusuf Y. Sani, said that a system has just been launched to provide unparalleled opportunity to address the infrastructure and human capacity challenges and to take the enforcement of legal metrology to a new level.

He said the losses occur mainly in the oil and gas sector.

"In the developed economies, inaccuracies in retail trade measurements vary from 0 - 3.3 percent. In a developing economy like Nigeria, the lost to both government and public is about 15 percent, or N2.83 trillion, per annum," he said.

Engineer Sani said based on the current oil reserves and investments by the oil companies in the area, Nigeria's real production figure is something in the region of about 3.5 million.

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