Nigeria is losing an estimated $35 million a day from oil theft and needs to put a “full, final stop” to the growing black market for crude exports, according to the country’s energy committee. Africa’s largest economy and top oil producer has been struggling with oil theft for years, with much of the stolen crude leaving the country in tankers. The energy committee of Nigeria’s national conference said in a report submitted this week the losses were roughly a quarter of Nigeria’s annual revenue.
The potential gains should clearly outweigh the cost of any intense security operation to stamp out this economic sabotage.
Nigeria’s energy committee report
Delegates from around the country have been meeting in Abuja for the national conference, which was convened by President Goodluck Jonathan in March with the aim of examining longstanding problems in Africa’s most populous country.