Nigeria, Nov. 18 -- The House of Representatives Adhoc Committee on Pre-shipment Inspection of Exports and Non-remittance of Crude Oil Proceeds has warned that Nigeria is at a critical economic turning point and must urgently plug the huge revenue leakages draining national resources.

Committee Chairman, Seyi Sowunmi, delivered the warning on Tuesday at the opening of a capacity-building workshop on pre-shipment inspection and revenue repatriation in Abuja.

He said that despite crude oil remaining Nigeria's primary export and the backbone of public revenue for decades, the country was "standing at a critical economic crossroads."

According to him, Nigeria loses billions of dollars annually through unverified crude shipments, under-decl...