Nigeria loses about $7billion annually to widespread theft of crude oil in the country, that’s according to the International Energy Agency (IEA).
In a monthly report on global oil production it released on Tuesday, the agency noted that crude oil production in Nigeria dropped to its lowest level in two and a half years in October to about 1.95 million barrels per day because of flooding in the oil-rich Niger delta.
It also pointed out that Royal Dutch company, Shell; Nigeria’s largest oil producer, had said its quarterly results would be down about 20 per cent owing to sever damages to its pipelines and thefts.