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Petroleum Minister, Timipre Sylva Says Nigeria Loses 400,000 Barrels Per Day To Oil Theft

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The Federal Government has revealed that Nigeria is losing 400,000 barrels per day to crude theft, which has hampered the country’s ability to make money during a time of high crude oil prices. This was revealed by Dr. Timipre Sylva, Minister of State for Petroleum Resources, during a meeting with Gov. Hope Uzodimma of Imo at the Government House in Owerri according to NAN. The minister added that the economic losses attributed to oil theft are capable of crippling Nigeria’s economy.

Sylva claimed that oil theft is a “National emergency,” adding that Nigeria “had fallen short of OPEC daily quota, from 1.8 million barrels to 1.4 million barrels, due to crude theft,” and expressing concern that the menace had persisted despite efforts by the Federal and State Governments to arrest it.

“It is a national emergency because the theft has grown wings and reached a very bad crescendo.

“This is because the thefts are taking place in the communities that host the oil pipelines.

As a result, it has become necessary to involve the stakeholders, especially the host communities.

“And because of the height and orchestrated nature of the menace, Nigeria could not take the advantage and opportunities that abound in the gas production.

“This is because no investor would want to invest where there is incessant insecurity and vandalism of the infrastructure,” he said.

He called on all parties to work together to find a solution and hailed the governor for his efforts to keep Imo secure and prevent the collapse of the economy. The crude oil theft menace has seriously affected Nigeria’s OPEC production quota which is consequently affecting the nation’s economy. Nigeria lost a whopping $1 billion in revenue in the first quarter of 2022 due to crude oil theft, undermining the economy of Africa’s top oil producer, according to Gbenga Komolafe, the head of the Nigerian Upstream Petroleum Regulatory Commission. The statement issued by the Minister of state for petroleum resources does not signify any change in the prices of AGO/MGO.

Source:  Nairametrics, DailyTrust

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