Industry experts, on Monday, warned that Nigeria is losing billions of dollars daily to crude oil theft, vandalism and wastage, calling for urgent digitalisation of production and monitoring systems to safeguard the economy.
In a joint paper presented at a leadership forum in Houston, U.S., Charles Deigh, a petroleum engineer said the country’s current system of oil validation was “outdated and opaque,” creating loopholes for theft and inefficiency.
They argued that every barrel of oil should represent national prosperity, but losses from sabotage and poor accountability were undermining government revenue and development.