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Nigeria Loses $2bn to Oil Theft Jan-Aug 2022

OIL

Nigeria lost more than $2 billion to oil theft during the first eight months of this year according to an investigation by the country's Senate.

  • The report found that only 66% of the country's oil production could be "effectively guaranteed".
  • The other 33%, it said, was affected by theft and lost production "due to the third party easy access on land terrain".
  • "The country has lost over $2 Billion to oil theft between January and August 2022, which lost revenue ordinarily would have supported the country, fiscal deficits and budget implementation," the report said.
  • Issues related to production have knocked Nigeria off its top spot as the largest producer in Africa.
Energy BulletsCommodities
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