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Nigeria losing 200 000 barrels a day to theft

Nigeria losing 200 000 barrels a day to theft

NIGERIA is losing 200,000 barrels of crude oil a day because of theft and vandalism, the head of the state oil company said, underscoring how insecurity is causing vast financial losses for the West African country. With Brent Crude oil prices hovering around $66.70, the losses would amount to more than $13 million a day and more than $4.8 billion a year, at a time when Nigeria needs funds to tackle poverty, improve security and boost the economy, which shrank 1.92% in 2020 in part due to the pandemic. The group managing director of the Nigerian National Petroleum Corporation (NNPC),…
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