Monday, September 16, 2013

Nigeria's Stolen Oil

Sticking with Nigeria for another day, here's a few startling (or not so surprising) paragraphs:

Nigerian crude oil is being stolen on an industrial scale. Some of what is stolen is exported. Proceeds are laundered through world financial centres and used to buy assets in and outside Nigeria. In Nigeria, politicians, military officers, militants, oil industry personnel, oil traders and communities profit, as do organized criminal groups. The trade also supports other transnational organized crime in the Gulf of Guinea... 
Nigeria offers a strong enabling environment for the large-scale theft of crude oil. Corruption and fraud are rampant in the country’s oil sector. A dynamic, overcrowded political economy drives competition for looted resources. Poor governance has encouraged violent opportunism around oil and opened doors for organized crime. Because Nigeria is the world’s 13th largest oil producer – exports often topped two million barrels per day in 2012 – high rents are up for grabs. 

Those are from the opening passages of the Executive Summary of "Nigeria's Criminal Crude: International Option to Combat the Export of Stolen Oil" authored by Christina Katsouris and Aaron Sayne, and released this week by Chatham House. Free to download here. Eye-opening reading.

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