Nigeria lost 619.7 million barrels of oil valued at $46.16 billion over 12 years due to oil theft, according to the Nigeria Extractive Industries Transparency Initiative (NEITI). Additionally, $1.84 billion worth of petroleum products were lost from refineries over the nine years between 2009 and 2018. Within this period, the country lost 4.2 billion liters of petroleum products from its refineries, equating to 140,000 barrels daily. NEITI’s Executive Secretary, Ogbonnaya Orji, disclosed these figures during the opening ceremony of the 2024 NEITI board retreat in Lagos. Orji emphasized the significant impact of these losses on the economy and urged the current administration to review and implement NEITI’s recommendations to curb oil theft.
SOURCE: BUSINESS INSIDER
