A report released by the Sea Empowerment and Research Centre (SEREC) indicates that Nigeria is incurring an annual revenue loss of approximately $8 billion due to issues related to trade misinvoicing. The findings highlight significant problems such as under-declaration, misclassification, and inadequate documentation of exports, especially within the solid minerals sector. Dr. Eugene, the Head of Research at SEREC, emphasized the critical need for improved regulatory frameworks to address these challenges and enhance the country's economic performance.
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