June 27, 2017

$230M LOST AS NIGERIA FAILS TO CAPTURE $46BN NON-OIL EXPORTS

$230M LOST AS NIGERIA FAILS TO CAPTURE $46BN NON-OIL EXPORTS

By Odinaka Anudu

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Nigeria’s inability to properly capture the value of non-oil exports moving to different markets in Africa, Europe and  the Americas in five years, may have cost the country a whopping $230 million in revenues that could have accrued as export duties to the Federal Government.

Between 2009 and 2013, the cumulative total of these uncaptured non-oil exports hit $46.19 billion, according to data from the International Trade Centre (ITC), aggregated by the Nigerian Export Promotion Council( NEPC), obtained by BusinessDay.

 

On the other hand, information obtained from the Manufacturers Association of Nigeria Export Group (MANEG) showed that the Federal Government mandates each non-oil exporter to pay 0.5 percent duty on the value of the total non-oil exports to the Nigeria Customs Service (NSC).

Read more here.

 

Photo credit, http://businessdayonline.com/2014/07/230m-lost-as-nigeria-fails-to-capture-46bn-non-oil-exports/#.U7PvW_ldWnF

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