The Director General of the Lagos Chamber of Commerce and Industry, Mr Madu Yusuf has said that federal institutions in the country must embark on strict monitoring of export to ensure that the economy derives full economic benefit as some exports are not documented.
Report gathered that most of the goods exported through the borders are done unofficially and, therefore, are not recorded for the economy. This reportedly affects the volume of the contribution of export to the nation’s Gross Domestic Product, GDP at the end of every year.
Chairman of the Association of Nigeria Licensed Customs Agents, ANLCA, Olumide Fakanlu, said there are a lot of exports going on presently that is not done officially. He stressed the need for the CBN to enforce stricter monitoring of export out of the country to ensure that the income from such transactions is repatriated and captured by the economy.