How Nigeria lost $42bn to crude oil theft in ten years – NEITI

Nigeria Extractive Industries Transparency Initiative (NEITI) has urged the federal government to embrace oil fingerprinting technology, comprehensive metering infrastructure of all facilities, and other creative strategies to combat the growing menace of theft of Nigeria’s crude oil and refined petroleum products.

In a Policy Brief titled “Stemming the Increasing Cost of oil theft in Nigeria” released in Abuja at the weekend, NEITI revealed how crude oil and refined products worth $41.9 billion were stolen from Nigeria in the last ten years.

A breakdown shows that the nation lost $38.5billion on crude theft alone, $1.56billion on domestic crude and another $1.8billion on refined petroleum products between 2009 and 2018.

The agency expressed concerns that in the face of…

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