Nigeria, Africa’s largest oil producer, loses 600,000 barrels of crude oil worth US$24.64 billion to crude oil theft, known in local parlance as illegal oil bunkering, annually, according to a report prepared by the Maritime Industry Advocacy Initiative (MIAI)
”Available statistics showed that in 2001 alone, illegal bunkering accounted for a revenue loss of about US$30m, and by 2003, the figured had soared to about US$1bn,” the MIAI report, quoted by the local Punch newspaper Thursday, said.
“Currently, Nigeria is losing about 600,000 barrels of crude oil daily,” it said.
With efforts to tackle the menace so far largely unsuccessful, Nigeria’s federal government is considering the creation of a new maritime security agency to deal with illegal bunkering and piracy.
A bill for the creation of the security agency is awaiting passage at the Senate
