Nigeria: Measurement Inefficencies Blamed for Fuel Fraud

It has been officially reported in Nigeria that more than $5 billion, representing about 10 percent of the total annual revenue from export of oil and gas from Nigeria is lost to non-metering of oil wells and inaccurate ship-to-shore differences while loading/offloading vessels, the Minister of Trade and Investments, Olusegun Aganga has said.

 The minister made the remarks in Abuja at a press briefing to mark the first 100 days of President Goodluck Jonathan’s administration. Aganga also said that several billions of naira is lost annually to round tripping due to poor measuring equipments at the import jetties to verify and ascertain the actual quantities of petroleum imported.

He explained that Nigeria is one of the few countries where there are no measures to ensure fairness, legality, accuracy and quality control of all trade transactions in all the sectors of the economy in line with international best practices.

Aganga said: “There is unfair trade resulting from meering tampering of petroleum products at fuel service stations.  I am however delighted to inform you that in the first 100 days, we have sought and received approval from Mr President to commence legal weights and measures”. Aganga said that the ministry in line with its renewed focus and mandate is committed to creating about 3,000,850 (direct and indirect) jobs over the next three years through the business and investment friendly policies that are being formulated.

PetrolWorld 100911