Nigeria loses N4 trillion to smugglers through its sea ports – World Bank report

Nigeria currently loses a whooping N4 trillion to smugglers who come into the country through the sea ports, the World Bank has said in a recent report.

It also said that the annual amount lost to smuggling activities in Nigeria yearly surpasses the 2017 budget in a country that is battling with economic recession.

The global financial organisation as describing this as a huge harm on the purse of the Nigerian government.

The Point also quoted a Meristem Group audit report as saying the country’s investment rate dropped by about 23.3 percent among the sub-Saharan African countries as well as by 28.9 percent when placed beside Brazil, Russia, India, China and South Africa.

“The Foreign Direct Investment dropped to the lowest in 11 years and a collapse in investment as a share of the GDP also dropped by 12.6 percent.

“This is as a result of the activities of smugglers in the country,” the report stated.