The Nigerian Navy says crude oil theft has reduced by 67 per cent from 2.4 million barrels monthly to 800,000 barrels as at September.

The Flag Officer Commanding, Eastern Naval Command, Rear Admiral Obiora Medani, reeled out the statistics during a sea inspection exercise and a show of fire power.

It was a show of strength and preparedness of the Navy in the fight against maritime crimes.

The Rear Admiral said that due to the improvement of the security situation on the nation’s waterways occasioned by their presence on the sea, the country had witnessed an increase in foreign direct investments.

Channels Television’s correspondent, Emmanuel Ereyi, reported that the Nigerian Navy ships’ sail on the Atlantic started from Onne in Rivers State.

“Naval officers controlled the journey from the bridge observing all navigational codes,” he said.

Its final destination is the Gulf of Guinea, off the coast of West and Central Africa.

The mission is to conduct sea inspection and the display of firepower by the Eastern Naval Command in an operation code named “Ndi-Kere”.

The exercise involves war formations in the navigation of ships, the positioning of armed officers, and then target shooting, which according to the fire controller, requires focus, technique and courage.

Rear Admiral Medani said the Navy was winning the war against maritime criminals, but also pointed out that the fight was not in a perfect situation as the navy still had some challenges to contend with.

Further reduction in the barrels of crude stolen from the shores of Nigeria would be of huge benefit to Nigeria now that the price of crude has continued to drop.

The Nation will be able to boast of more quantity of crude for sales in the international market, thereby shoring up the revenue generated from crude oil sales which at the moment is the nation’s major source of revenue.