Nigeria still suffering
Despite efforts of new President, oil theft and piracy still major problems.
Nigeria loses N5.724trn annually to crude theft, piracy, vandalism- Chatham House
By Ediri Ejoh with agency reports
London think-tank, Chatham House, has reported Nigeria’s economy may be heading for harder times, as it loses over N5.724 trillion annually to oil theft, fraud and piracy in the country’s oil industry. Quoting the report, the United States’ Deputy Ambassador to the United Nations, UN, Ms. Michele Sison, put the overall damages incurred by Nigeria’s oil industry at about $1.5 billion each month, translating to N5.724 trillion annually.
According to the ambassador, the report revealed that the country is currently losing 400,000 barrels of crude daily to pirates in the Gulf of Guinea, depressed oil prices, rampant corruption, and pipeline vandalism, the equivalent to the entire daily export capacity of the country’s Forcados terminal.
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