NIGERIA LOSES $4.8 BILLION IN OIL REVENUE BECAUSE OF MILITANT ATTACKS IN 2016: OFFICIAL

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From Newsweek:

“Nigeria’s state oil company lost more than 1.5 trillion naira ($4.8 billion) as a result of attacks on pipelines and facilities by militants in 2016, its managing director said Wednesday.

Militants in the Niger Delta—a vast, oil-rich swampland in southern Nigeria—have launched frequent attacks on oil facilities throughout the year. Groups like the Niger Delta Avengers(NDA) say their aim is to ensure a fairer distribution of Nigeria’s oil wealth.

The attacks have slashed Nigeria’s oil production by as much as half and were a major factor in the country slipping into recession in August. Nigeria relies on oil products for more than 90 percent of its export revenues, according to OPEC.”

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