Oil theft and shutdowns cost Nigeria N313 billion, and operators call for harsh sanctions.
Nigeria’s oil production output has drastically decreased as a result of rising oil thefts and labor unrest, costing the country hundreds of billions of naira in lost oil revenue.
Between March and April 2023, Nigeria’s crude oil production fell by about nine million barrels, resulting in a total loss of nearly N356 billion in revenue.
Operators in the sector put the recent strike by certain oil workers, which forced the temporary stoppage of production at a few wells, and crude theft on the decline in oil production.
However, they demanded more thorough investigations because they claimed that some employees at oil export terminals might be responsible for the fraud and theft at these ports.
Additionally, from March through April, Nigeria’s oil production crashed by 269,600 barrels per day, which translates to a total of 8,088,000 in the 30 days of April.