On Monday, Chief Timipre Sylva, Minister of State for Petroleum Resources, blamed the loss of revenue from crude production in Nigeria on theft, pipeline vandalism, and deteriorating infrastructure.
Despite the challenges, Sylva said in a statement issued by Horatius Egua, his Senior Adviser, Media and Communications, that the Federal Government of Nigeria was determined to end the trend.
According to him, the current government is determined to put an end to the trend by improving security along major oil and gas pipelines in the Niger Delta region and increasing investment.
“It is a known fact that the major losses of crude oil in the country have been through theft and destruction of oil pipelines,” Sylva said.
“Once again, we know that some of the oil infrastructure is old and decayed and cannot operate at full capacity.”
Sylva also mentioned that there is a scarcity of investments in fossil fuels in Nigeria, and that the push for renewable energy has stifled new investments in this sector.
