Nigeria recorded 240 crude thefts in one week – NNPC

The Nigerian National Petroleum Company Limited (NNPCL) has said the country recorded 240 incidents of crude oil thefts between July 15 and July 21, 2023.

The company stated this on Tuesday via its official Twitter account. 

According to the NNPCL, the war against crude oil theft is still raging across the Niger Delta region. Specifically highlighting Rivers, Bayelsa and Delta states, the company said 93 illegal connections were found, and disconnections as well as repairs are ongoing.

The company also said 69 illegal refineries were discovered and destroyed within one month. 

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Also, 27 cases of pipeline vandalism were discovered and are being fixed.

The collaboration between the NNPCL and security agencies also made it possible to arrest 30 wooden boats and trucks involved in transporting stolen crude, which were confiscated last week. 

The report also identified 13 vessel AIS infractions, 5 oil spills, 2 illegal vessels and 1 document validation. Thirteen of the incidences were recorded in the Deep Blue Water, 41 were recorded in the Western region of the Niger Delta, 169 in the Central region and 17 in the Eastern part of the oil-producing part of the Niger Delta region. 

However, the company did not mention anything about the suspects found to be carrying out illegal activities using vessels, boats and other materials that were either destroyed or confiscated by security agencies and the NNPCL. 

Economy to decline due to insecurity in oil sector – IMF

The International Monetary Fund (IMF) has said Nigeria’s economy is set to gradually decline because of security issues in the country’s oil sector.

This was stated in the IMF’s World Economic Outlook Update released on Tuesday, July 25. 

According to the IMF, economic growth in Nigeria in 2023 and 2024 is projected to gradually decline, in line with April projections, reflecting security issues in the oil sector.

The report projected a 3.2% growth in 2023 and a 3% growth in 2024 for the country. 

The IMF also noted that crude oil prices rose by 39% in 2022 and are projected to fall by about 21% in 2023, reflecting the slowdown in global economic activities, which will affect resource-dependent economies.