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Nigeria: 222 million barrels of crude oil unaccounted for during 2004-2014 period

July 4, 2014 - 6:00am


The Nigeria Extractive Industry Transparency Initiative has said in a report that between 2004 and 2014, 222,437,870 barrels of crude oil was unaccounted for by the government, Business Day reported.

The country is estimated to have lost $22.04 billion during the period. Delta State governor Emmanuel Uduaghan recently said efforts by the government have helped to reduce the volume lost daily to theft by around 50%. Despite those efforts, Nigeria still loses about $4 million a day to oil thieves in the Niger Delta.

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