Oil theft may cost Nigeria, Africa’s second-biggest economy - TopicsExpress

Oil theft may cost Nigeria, Africa’s second-biggest economy after South Africa’s, as much as $8 billion a year, claims the report. It says an average of 100,000 barrels a day (b/d) were stolen in the first quarter of this year. Politicians, security forces, militants, oil-industry staff, oil traders and members of local communities all profit from “bunkering” of oil, so few have an interest in stopping it. When so many are feeding from the trough, it is doubtful if anyone in Nigeria has the political will to stop it.

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