Nigeria Lost Between $50 Billion And $100 Billion In 2016 To Activities Of Oil Vandals, Minister Says. Proposes Way Ahead

By Simon Ateba/Lagos

In 2016, Nigeria lost between $50 billion and $100 billion due to the activities of militants who were blowing up oil and gas installation in the Niger Delta region, the Minister of State for Petroleum, Mr. Emmanuel Ibe Kachikwu, said in his monthly broadcast on February 14.

The destruction of oil and gas pipelines and the crash by almost 60 percent of crude prices on the international market over the last one and half years made things more difficult for an economy already in recession, Mr. Kachikwu said.

Jobs were lost, refineries could not work to capacity, Nigeria could not meet its contractual international obligations and the economy suffered, he said.

But the Minister said rather than looking at what failed, Nigeria should look to the future.

He proposed a 20-point agenda to solve the problems in the Niger Delta, including engaging the oil producing communities. Acting President, Mr. Yemi Osinbajo, has been holding talks with oil producing communities and Mr. Kachikwu saluted the move.

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  1. Good is more better to lost such amount to vandalism, rather than been looted by our evil and wicked politicians. If the amount was realized would they have published it to the public to know?


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