Crude oil theft in the Niger Delta region costs N2 trillion annually

President Goodluck Jonathan, who spoke at a presidential retreat on the maritime sector with the theme, ‘Harnessing the Potential of Nigeria’s Maritime Sector for Sustainable Economic Development’, in Abuja yesterday, said that the rising incidents of illegal oil bunkering had decelerated economic development and was causing embarrassment to the nation in the eyes of the global community.
According to the president, oil thieves should “throw their heads under the pillow” in shame, for their nefarious activities.
“It is embarrassing that it is only in Nigeria that crude oil is stolen. It is very bad news and I believe that Nigerians and foreigners who indulge in the act need to throw their heads under the pillow because all over the world it is only in Nigeria that crude oil is stolen.
“We are not the only oil producing country why is it that it is only in Nigeria that people steal crude oil? This must stop and we will be decisive in putting an end to this malaise.
It has been revealed that Nigeria loses over N2 trillion annually to foreign countries through capital flight, as a result of the inability of indigenous ship owners to fully participate in lifting over 150 million tons of cargo from the country, including crude oil exports.