Nigeria loses up to $100 bln. over oil militant attacks

By Ebru Sengul

ANKARA (AA) - The Nigerian government has lost between $50 and $100 billion in revenue last year due to attacks on its oil facilities by armed militant groups, the country's Minister of State, Petroleum Resources Emmanuel Ibe Kachikwu said Tuesday.

In a video released on social media, Kachikwu announced the Nigerian government's 20-point agenda to end oil sector militancy.

One of the key critical challenges Nigeria has is the militancy in the Niger Delta, an environment that has stopped oil operations and one, which has faced continuous and consistent conflicts, according to Kachikwu.

He stressed that nearly 1 million barrels of oil were lost per day last year. He added that as a result of disruptions in oil production, the country's unearned income was $50 to $100 billion in 2016.

Jobs were lost and the economy basically suffered, Kachikwu said, while noting that oil prices dropped by over 60 percent over the last one and a half years.

"We reviewed 20 potential options that we can look at," he said, in improving, protecting and developing the country's assets in efforts to create jobs and attract investments in the oil and gas industry.

Further steps focusing on economic development will include the creation of 100,000 jobs in each state over the next five years, investing in gas for power, offering incentives, revamping the civil infrastructure and domesticating oil business opportunities.

Nigeria, currently the largest oil producer in Africa, is battling militant groups that are targeting its oil infrastructure, causing supply disruptions.

In 2015, Nigeria produced 2.3 million barrels per day of petroleum and other liquids, while the country had an estimated 37 billion barrels of proved oil reserves by the end of 2015, according to U.S. Energy Information Administration.