Nigeria loses $7.5bn to weak metrology control

Nigeria may have lost over $7.5billion to poor metrology control in the last few years.

Transaction at both the export and import terminals has resulted in margin of between three to 17 per cent which has led to an estimated loss of $7.5billion.

This disclosure was made by the Chief Executive Officer, Nigeria Legal Metrology System in the Ministry of Industry, Trade and Investment, Yabagi Yusfu Sani, in Abuja at the World Metrology Day, with the theme: ‘Measurements and Lights.’

This year World Metrology Day is aligned with the International Year of Light and Light-based Technologies proclaimed by the General Assembly of the UN and organised by UNESCO.

Sani who regretted that successive regimes paid scant regard for standardisation of the nation’s weights and measurements, suggested that: “In view of the progressively dwindling revenue from oil and gas, strict adherence to the principles and standard of weights and measures practices are fundamental for the growth of any economy as inaccurate measurement system short-changes economies of revenue due to it.”

While making a case for the adoption of a standardised weight measurement, he disclosed that: “In the course of a typical day, it is surprising how often measurements come into play, whether among many possible examples checking the time, purchasing food or produce, filling up a vehicle with fuel, making phone calls, exporting/importing goods and services like crude oil and gas, petroleum products, agricultural products or undergoing a blood pressure check.”

He further urged the incoming government to make concerted efforts aimed at turning the tide in the sector.

“Concrete efforts by the incoming administration in the sector would in practical terms, save Nigeria an annual operational losses of $25billion or N4.2trillion made up of an estimated $7.5billion per annum attributable to the 10 per cent error margin which is usually occasioned by indirect losses due to measurements not controlled by Legal Metrology, plus the annual crude oil theft of $17.4billion (400,000 barrels per day) as reported by the Nigerian Senate.”

Expatiating, he said: “It is therefore incumbent on all government regulatory agencies to assist the incoming administration by allowing full compliance with the implementation of legal metrology system in Nigeria.”

 

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