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Nigeria losing $20 billion annually to crude oil theft: Navy

June 4, 2014 - 6:00am

Crude oil theft is costing Nigeria $20 billion every year, the Nigerian Navy has said.

Austen Oyagha, director of Nigerian Navy Transformation Office, said the nation lost an estimated average of 1,656,281 barrels per month in 2013, Business Day reported.

Mr. Oyagha said "these losses do not only undermine Nigeria's economy in terms of foreign exchange deficit, they also pose a threat to national security for Nigerians."

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