A new study by Global Financial Integrity (GFI), says that the potential loss of revenue by Nigeria to misinvoicing in 2014 was approximately $2.2 billion.
This was according to an analysis of trade misinvoicing it carried out on Nigeria for 2014.
A statement issued by its Managing Director, Mr Tom Cardamone, on Wednesday in Washington DC, said the amount represents four per cent of total annual government revenue as reported to the International Monetary Fund (IMF).
“Put still another way, the estimated value gap of all imports and exports represents approximately 15 per cent of the country’s total trade.”
The report which was published with the support of the Ford Foundation is titled: “Nigeria: Potential Revenue Losses Associated with Trade Misinvoicing.”