Crude Oil Racketeering: Curbing Of Oil Theft In Nigeria

The Nigerian National Petroleum Company (NNPC) Limited, has accused government officials, religious leaders, security agencies and even some staff of the nation’s crude oil theft.

Speaking during the 49th session of the weekly ministerial briefly at the State House in Abuja, NNPC Group Chief Executive Officer, Mele Kyari maintained that the menace involves every member of the society.

Nigeria sits atop 36 billion barrels of crude oil reserves and 206 trillion cubic feet of proven gas reserves but has seen a steep decline in investments in the vital oil sector in recent years.

Data from the National Bureau of Statistics revealed that foreign capital inflow into the sector accounted for 0.04 percent of fresh foreign investments into the Nigerian economy in the first quarter of 2022, compared to the banking and production sectors that contributed 52 percent and 14 percent respectively.

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Crude theft and pipeline vandalism have continued to plague the sector for many years, forcing international oil companies operating in the country to sell some of their onshore assets.

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