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Nigeria is losing 400,000 barrels of crude daily to pirates in the Gulf of Guinea
Depressed oil prices, rampant corruption, and pipeline vandalism are only parts of Nigeria’s oil problem. It’s now losing a massive 400,000 barrels of crude daily to pirates in the Gulf of Guinea, an amount equal to the entire daily export capacity of its Forcados terminal.
Overall damage from piracy, theft and fraud for Africa’s largest oil exporter is estimated at some $1.5 billion a month, according to U.S. deputy ambassador to the U.N., Michele Sison, citing a Chatham House report.
Attempts by local governments and the U.N. to put a stop to piracy have met with some success, but the practice continues—shifting location and adapting to new security measures, so now the U.N. Security Council is calling for a comprehensive framework of measures aimed at eradicating it.
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