Nigeria Loses 2.5tr Oil Barrels In 4 Years

 Nigeria Loses 2.5tr Oil Barrels In 4 Years

According to data from the Nigeria Natural Resource Charter, Nigeria has lost 4.5 trillion barrels of oil to theft in the last four years.

Another separate data from the National Oil Spill Detection and Response Agency showed that the country recorded 4,919 oil spills between the period of 2015 to March 2021.

The Ministry of Environment said this issue is a huge detriment to the environment and leads to a significant loss of revenue.

Global statistics show that Nigeria loses around 400,000 barrels of oil per day, more than any other country in the world.

Recall that the Nigerian National Petroleum Corporation has said the country loses an average of 200,000 barrels of crude oil daily due to theft and vandalism.

Mele Kyari, the NNPC group managing director, said in February that the current Brent crude price of $67.64 per barrel means that Nigeria is losing N5.1 billion ($13.5 million) daily.

However, mitigation measures through the enforcement of laws, regulations and guidelines such as the Environmental Impact Assessment (EIA) Act, are being taken to lessen the oil losses.

For both oil spills and oil theft, it is recommended that transparency and accountability should be adhered to in the relations among government, oil-producing communities and multinational corporations.

Kehinde Ogunyale

Freelance Investigative and Data Journalist

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