ABUJA, Feb 25 (Reuters) - 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), Mele Kyari, made the comments on
Wednesday while meeting the new head of Nigeria's military,
Lucky Irabor, a statement from the firm said.
"In terms of crude losses, it is still going on," said Kyari
in the statement. "On the average, we are losing 200,000 barrels
of crude every day," he added, attributing the losses to thieves
and vandals.
Irabor said the armed forces would protect Nigeria's oil and
gas.
"Our existence, economically, rests almost solely on the
NNPC, and to that extent, we must do everything possible to give
you everything that you require," he said.