THERE are indications that despite the rise in crude oil prices in the international market, Nigeria’s economy may not reap the benefits due to the continued increase in theft and pipeline vandalism estimated to have gulped 73 million barrels a year. Investigations by Sunday Vanguard revealed that the country loses about $7.3 billion a year to oil thieves and vandals. The situation is made worse by the country’s inability to meet the Organisation of Petroleum Exporting Countries, OPEC’s production quota of 1.8 million barrels per day which resulted in the Federal Government recently announcing a reduction in her export target to 1.6 million barrels per day while other countries in the cartel are striving to exceed their quota. According to the GMD, Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, the country loses an average of 200,000 barrels of crude per day to oil thieves, translating to […]