Displaying items by tag: oil theft

In the Niger Delta, rampant oil theft continues to threaten local livelihoods and the national economy. Armed groups siphon crude oil from pipelines in the region, often operating with impunity and even security cover. These activities cause environmental devastation, health crises, and economic losses. In 2022, Nigeria lost $23 billion to oil theft, so that it lost its position as Africa's top oil exporter. The authorities are committed to fighting this problem by deploying gunboats, engaging vigilantes, and supporting the navy. Increased oil production, now averaging 1.8 million barrels per day, has been attributed to these efforts. However, poverty and unemployment continue to drive pipeline vandalism. Nigeria's inflation rate, worsened by a devalued naira, remains high, but there is official optimism that rising oil output will stabilise the economy.