Nigeria Is The Highest Crude Oil Theft Country In The World: Report

Crude oil
Crude oil

The Natural Resource Charter (NNRC) has ranked Nigeria as the highest ever reported crude oil theft country in the world, with the country recording approximately 400,000 barrels per day (bpd) crude theft.

According to a report by the NNRC, an aftermath of a survey on oil theft in the world, also said that Mexico came second with approximately 5,000 to 10,000 bpd loss to oil theft.

A researcher, Niyi Awodeyin, who spoke with media professionals and members of the civil society organisations on reducing oil theft, in Lagos said the report showed that Nigeria’s loses around 10 per cent of its annual budget to crude oil theft.

He noted also that it was complex to determine the scale of oil theft but that on average, Nigeria loses N1 trillion annually to oil theft.

Read Also: Use Your Experience As Former Petroleum Minister To Ban Forex On Crude Oil Importation: Aisha Tells Buhari

According to his research, the country was losing on a daily basis more than the volume of crude oil some countries produce daily, stating that 75 per cent of stolen crude was taken out of Nigeria.

He also revealed that there has been a steady rise in the past decade of crude oil theft between 2011 and 2014 estimates of lost revenue ranges from $7 billion to 12 billion annually.

 

Leave a Reply

Your email address will not be published. Required fields are marked *