Nigeria’s Economy is one that is heavily reliant on proceeds from crude oil sales.
Pipeline vandalism, crude theft among other crimes have reduced the benefits Nigeria derives from these resources.
So, at a time like this when all attention is focused on reviving the economy, the need to end crude theft has been brought to the front burner.
The need to end crude oil theft and pipeline vandalism is now a matter of major concern for economic development.
This was discussed when the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and Chief of Defense Staff (CDS), Gen Christopher Musa, met.
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The Bes Way
They spoke about plans to collaborate, boost the fight against crude oil theft and curb pipeline vandalism in Ngieria.
The Minister, hosted Gen. Musa, and his military delegation on Thursday in Abuja.
According to Lokpobiri, the best way to solve Nigeria’s economic problems is through oil and gas.
“We can solve this menace of oil theft, pipeline vandalism and illegal refining.” Lokpobiri said.
“The drive to increase production will lead to increased revenue for Nigeria, and address the forex challenge,” Lokpobiri said.
“Today, oil sells for over $90 per barrel, and if we ramp production and reduce the level of oil theft and pipeline vandalism, we will be able to raise the enough money.
“The proceeds will fund our budget, take care of our forex problem and our nation’s economy stabilise.”
We Will Give Priority To Security
According to him, every country prioritises security and investment in its oil assets, be it Saudi Arabia, UAE, Qatar, Brazil, US.
Lokpobiri was optimistic that the CDS, who is very familiar with the Niger Delta terrain, will address the situation.
The minister believes that with this partnership the country will be able to reap the benefits from the hydrocarbon production.
Musa noted that crude oil being Nigeria’s economic mainstay, deserves all the military support it needs.
He said the military was aware that President Bola Tinubu had mandated the minister to secure the Niger Delta and all other oil fields to ramp up production.
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The CDS, pledged the support of the armed forces to the oil and gas sector.
