Nigeria’s oil companies are battling a surge in crude oil theft, with estimates suggesting that the oil-rich country loses some $6 billion annually in revenues due to bunkering. Oil theft is a lucrative black market in Nigeria, Africa’s top oil exporter, as well as neighbouring countries.
Bunkering, as oil theft is commonly known in Nigeria, involves siphoning crude from pipelines into makeshift vessels and has turned into huge a business that is damaging the country’s investment profile as well as international oil companies operating in Nigeria.
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