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International

Oil theft costs Nigeria $2.15 billion annually

March 04, 2015 Reprints

Usman Jibrin, Nigerian Navy's Chief of Naval Staff, said that oil theft is costing the country 433.62 billion Nigerian nairas ($2.15 billion) every year, The Punch reported.

The country is losing about 100,000 barrels of crude oil worth an estimated NGN 1.18 billion ($5.8 million) each day, said Mr. Jibrin.

Oil thieves have been taking advantage of poor law enforcement on Nigeria's territorial waters, added Mr. Jibrin.

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Oil theft costs Nigeria $2.15 billion annually

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