With the theft of an estimated 400,000 barrels of oil per day, equating to a revenue loss of about $1.7 billion a month and $20.4 billion annually, Nigeria currently tops the list of countries most plagued by oil theft in the world.
Following Nigeria on the top five list of countries most plagued by oil theft are Mexico, Iraq, Russia, and Indonesia, the News Agency Of Nigeria gathered.
The amount lost by Nigeria annually represents 7.7 per cent of the nation’s GDP vanishing, or more than the country spends on education and healthcare combined.
The report maintained that “The numbers paint a harsh picture about the inability of the Nigerian government, and the multinational oil companies in the Niger Delta, to do anything about this rampant theft.”
The federal government has repeatedly given assurances of its commitment to end oil theft with the help of the international community, but no visible progress has been made in this regard as the illicit business continued to thrive.
The Global Financial Initiative points out that “stolen Nigerian crude oil is transported on internationally registered vessels, sold to international buyers, processed by international oil refineries and paid for using international bank accounts.”