Nigeria inspects oil exports to increase foreign exchange earnings
By the AFREEQUE newsroom, based on Leadership
Nigeria is appointing agents to inspect and monitor its oil and gas exports before shipment. The measure is intended to limit revenue losses, improve compliance with international standards and increase foreign exchange inflows, according to analysts and operators cited by Leadership.
The Central Bank of Nigeria (CBN) has appointed agents to carry out pre-shipment inspection and monitoring and evaluation of crude oil and gas exports under the Nigerian Export Supervision Scheme. Analysts and operators believe the system could limit revenue losses and increase foreign exchange inflows, reports Leadership.
For Muda Yusuf, director-general of the Centre for the Promotion of Private Enterprise, financial leakages and inadequate documentation particularly affect the oil and gas sectors. Kayode Farinto, former acting president of the Association of Nigerian Licensed Customs Agents, said the controls would make it possible to check the quality and packaging of goods before they leave the country.
According to Kayode Farinto, the procedure could reduce the rejection of Nigerian agricultural products in foreign markets. He cited the case of beans worth more than five million euros that were rejected for import into Belgium, while Ghana continues to export the product there, reports Leadership.
