In Four Years, Nigeria Loses 2.5trn Oil Barrels

Nigeria has lost 4.5 trillion barrels of oil to theft in the last four years, according to data from the Nigeria Natural Resource Charter (NNRC).

Another data from the National Oil Spill Detection and Response Agency (NOSDRA) showed that the country recorded 4,919 oil spills between the period of 2015 to March 2021.

The Ministry of Environment said this issue is a huge detriment to the environment and leads to a significant loss of revenue.

Global statistics show that Nigeria loses around 400,000 barrels of oil per day, more than any other country in the world. However, mitigation measures through the enforcement of laws, regulations and guidelines such as the Environmental Impact Assessment (EIA) Act, are being taken to lessen the oil losses.

For both oil spills and oil theft, it is recommended that transparency and accountability should be adhered to in the relations among government, oil-producing communities and multinational corporations. (CSEA Africa)