Nigeria Lost $2 billion Due to Oil Theft Between January and August.

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According to a Senate study, Nigeria lost more than $2 billion to oil theft in the first eight months of 2022. Large-scale pipeline theft in Nigeria has slowed exports, forced some businesses to stop production, destroyed the nation’s finances, and forced Nigeria to relinquish its status as Africa’s leading oil producer.

The effects of the heist were looked into by an ad hoc committee of the Senate, Nigeria’s upper house of parliament.

According to the report, theft and lost productivity were a problem for the remaining 33%. “Due to the third party ease access on land terrain”.

Between January and August 2022, the nation lost nearly $2 billion due to oil theft. Which would have otherwise maintained the nation’s budgetary stability.

Reuters.

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