From the committee’s report, Nigeria – Africa’s largest oil producer with over 2 million barrels delivered daily – is said to be losing an estimated $35 million a day from oil theft, which leaves the country, and the entire African oil market, undoubtedly vulnerable, economically and otherwise.
“At a reported 350,000 bbls (barrels) per day, equivalent to $35 million each day, or roughly a quarter of our annual revenue, government must do well to bring this racket to a full, final stop,” the committee said.
Delegates from around the continent’s most populous nation have been meeting in Abuja for the national conference, which was convened by President Goodluck Jonathan in third week of March with the aim of examining troubling issues in Africa’s largest economy.
With this growing trend, that is, the illegal crude oil supply which has resulted in reduced oil revenue inflow, damage oil facilities and shrunken international trading, as seen in the recent report that the US had reduced oil from the West African nation by 25 million barrels, from an initial 30 million barrels.
More so, the symptoms of this bunkering activities which include drugs and weapons influx, corruption, sea piracy, ethnic violence, environmental damage, and social disintegration. The foregoing questions however can either easily be addressed or not, given the vast business opportunities evident in the African climes.
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