According to Nigeria’s National Security Advisor (NSA), Nuhu Ribadu, 400,000 barrels of crude oil are lost to thieves and economic saboteurs every day.
On Saturday, August 26, Ribadu led a presidential team to examine the oil and gas facilities at Owaza in Abia and Odogwa in Rivers’ Etche LGA. He claimed that oil criminals, who are responsible for the country’s lower-than-expected crude production, have severely harmed the nation’s economy.
In addition to the environmental impacts of artisanal refineries on host communities, the NSA reported that government infrastructures are being vandalized.
He stated:
“It’s unfortunate that few individuals would steal our common resources, and in the process cause unbelievable loss to both the nation, communities and the people.
“Nigeria has the capacity to produce 2 million barrels of crude daily, but we are currently producing less than 1.6 million barrels due to theft and vandalism of pipelines.
“So, we are talking about 400,000 barrels of crude oil going to waste. The value of 400,000 barrels of oil today is about 4 million dollars, and every day, we lose this amount because of this irresponsible behaviour.
“If you multiply 4 million dollars by 365 days (one year), you will see that it is a lot of money running into billions of dollars.”