National Economy
Saturday, May 10, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Lead-In Cover

Oil Theft: Nigeria Loses 400,000 Barrels Daily – Sylva

by Olivia Betrand
3 years ago
in Cover, News
Reading Time: 2 mins read
oil theft
Share on FacebookShare on TwitterShare on Telegram

The minister of state for petroleum resources, Dr Timipre Sylva, has said that the country loses 400,000 barrels of crude daily via oil theft.

Sylva said this on Monday, when he paid a courtesy visit to Governor Hope Uzodimma of Imo at the Government House, Owerri.

He described the development as a national emergency. He regretted that the nation had fallen short of OPEC daily quota, from 1.8 million barrels to 1.4 million barrels, due to crude theft.

He warned that such huge economic loss was capable of crippling the nation’s economy, if not given the seriousness it deserved.

You May Like

Kwara Gov Approves Recruitment Of More Medical Workers

Nigeria Loses $3.6bn Annually To Foodborne Illnesses

The minister expressed concern that the menace had persisted, in spite of the efforts by the federal and state governments to arrest it.

Sylva said the problem of crude theft could not be handled in Abuja alone.

“It is a national emergency because the theft has grown wings and reached a very bad crescendo.

“This is because the thefts are taking place in the communities that host the oil pipelines.

“As a result, it has become necessary to involve the stakeholders, especially the host communities.

“And because of the height and orchestrated nature of the menace, Nigeria could not take the advantage and opportunities that abound in the gas production.

“This is because no investor would want to invest where there is incessant insecurity and vandalism of the infrastructure,” he said.

The minister, therefore, appealed to the stakeholders to collaborate to solve the problem.

He commended the governor for his efforts to ensure that Imo remains safe and the economy not shut down.

In a remark, the Chief of Defence Staff, Gen. Lucky Irabor, who was in the entourage, thanked Uzodimma for supporting the armed forces in the fight against the escalating criminality in the oil-producing areas in the south-east.

Irabor called on the state government, stakeholders and communities to “be involved in the fight against oil theft to a reasonable percentage and leave the rest for the army.”

He assured the governor that the army was ready to receive more assistance in the fight against banditry and other forms of criminality in the state and country at large.

Responding, the governor gave assurance that his administration would sustain its efforts to arresting the economic sabotage being perpetrated by pipeline vandals.

He described the consequences of crude theft as ‘’very alarming and too much to be tolerated.”

He said the problem did not only result in the drop in oil revenue for the government but also created environmental pollution and other health hazards for the host communities.

He, therefore, called for cooperation among the stakeholders, including the federal and state governments, NNPC and host communities to effectively fight the scourge.

Uzodinma commended NNPC for the 200-bed capacity hospital the company was building at the Imo State University Teaching Hospital, Orlu.

He appealed to the company to speed up the project to ensure its completion in record time.

The meeting was part of the nationwide intervention efforts to curb crude oil theft.

Tags: Oil Theft
ShareTweetShare
Previous Post

Fighting Poverty In Nigeria

Next Post

Naira Woes Require Sustainable Long-Term Solutions

ANOTHER GOOD READ

Kwara Gov Approves Recruitment Of More Medical Workers
News

Kwara Gov Approves Recruitment Of More Medical Workers

15 hours ago
Nigeria Loses $3.6bn Annually To Foodborne Illnesses
News

Nigeria Loses $3.6bn Annually To Foodborne Illnesses

18 hours ago
Senate Passes 2 Remaining Tax Reform Bills, Recommends Tax Tribunal
News

Senate Passes 2 Remaining Tax Reform Bills, Recommends Tax Tribunal

18 hours ago
News

Olubadan Suspends 2 Chiefs Over Alleged Land Grabbing

18 hours ago
Fire Destroys Multimillion Naira Foam Factory In Oyo
News

Fire Destroys Multimillion Naira Foam Factory In Oyo

19 hours ago
TomTom Launches 2025 BTI Verse Challenge with Yaba Showdown   
News

TomTom Launches 2025 BTI Verse Challenge with Yaba Showdown  

2 days ago
Next Post
Naira Sustains Free Fall At Parallel Market

Naira Woes Require Sustainable Long-Term Solutions

Most Recent

Kwara Gov Approves Recruitment Of More Medical Workers

Kwara Gov Approves Recruitment Of More Medical Workers

May 9, 2025
Nigeria Loses $3.6bn Annually To Foodborne Illnesses

Nigeria Loses $3.6bn Annually To Foodborne Illnesses

May 9, 2025
Senate Passes 2 Remaining Tax Reform Bills, Recommends Tax Tribunal

Senate Passes 2 Remaining Tax Reform Bills, Recommends Tax Tribunal

May 9, 2025

Olubadan Suspends 2 Chiefs Over Alleged Land Grabbing

May 9, 2025
Fire Destroys Multimillion Naira Foam Factory In Oyo

Fire Destroys Multimillion Naira Foam Factory In Oyo

May 9, 2025
Court Grants EeZeeTee N20m Bail Over Alleged $255,000 Forex Fraud

Court Grants EeZeeTee N20m Bail Over Alleged $255,000 Forex Fraud

May 9, 2025
TomTom Launches 2025 BTI Verse Challenge with Yaba Showdown   

TomTom Launches 2025 BTI Verse Challenge with Yaba Showdown  

May 8, 2025
2025 Hajj: Sokoto Begins Airlift Of Intending Pilgrims May 9

2025 Hajj: Sokoto Begins Airlift Of Intending Pilgrims May 9

May 7, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy