Nigeria lost an astronomical $42 billion to crude theft and suffered major losses of domestic and refined petroleum products between the year 2009 and 2018, a survey reveals.
This was disclosed in the latest edition of the Nigeria Extractive Industries Transparency Initiative (NEITI)’s policy brief, “Stemming the Increasing Cost of Oil Theft to Nigeria”, which was published on Wednesday in Abuja.
In the publication, NEITI gave a detailed breakdown of what the nation had lost, including $38.5 billion on crude theft alone and $1.6 billion on domestic crude and another $1.8 billion on refined petroleum products.
NEITI also stated that Nigeria averages losses of $11 million daily, $349 million monthly and about $4.2 billion annually to crude and product losses, which result from stealing, process lapses and pipeline vandalism.
NEITI blamed these billion-dollar losses on the failure of the Nigerian government to introduce the widely accepted oil fingerprinting technology and on the lack of proper qualitative metering instruments at the various facilities across refineries in the country.
The report breaks down the impact of oil theft, pipeline vandalism, other criminal activities and how they have deeply affected the lives of people living within the environments where oil facilities are located and harnessed.