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Nigeria: More than $25 billion lost due to sea piracy and oil theft

September 3, 2014 - 6:00am

The Nigerian government loses around $25 billion annually to oil theft, sea piracy and poaching, reports The Nation.

Data showed that around $15.5 billion is lost to oil theft, $9 billion to piracy and $800 million to poaching.

Matthew Egbadon, a former staff of Nigerian Maritime Administration and Safety Agency, has said that the government should pay attention to regulation of the waters as over 70% of West Africa's illegal arms and ammunition are in Nigeria.

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