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  • Oil & Gas - News
  • Updated: December 01, 2019

Nigeria Lost $42bn To Oil Theft In 9 Years - NEITI

Nigeria Lost $42bn To Oil Theft In 9 Years - NEITI

 

The Nigeria Extractive Industries Transparency Initiative (NEITI) in its Policy Brief has revealed that Nigeria lost about $42 billion to crude theft between 2009 and 2018.

The Policy Brief, titled: 'Stemming the Increasing Cost of Oil Theft to Nigeria' published Wednesday in Abuja, also said that the cost included domestic and refined petroleum products losses.

According to the breakdown, Nigeria had lost $38.5 billion on crude theft alone and $1.6 billion on domestic crude and another $1.8 billion on refined petroleum products.

The report states that oil theft, pipeline vandalism and other criminal activities have profoundly affected the lives of people living within the environments where oil facilities are mounted.

NEITI suggested that modern technology as a way to tackle oil leakages while insisting on adequate legal sanctions for anyone caught in oil theft or related oil crimes.

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