Nigeria Lost $2.8bn Revenue To Oil, Piracy In 2018’

Nigeria lost an estimated $2.8 billion in revenues in 2018, mainly due to maritime and oil related crimes.

According to a report by the Secretary-General of the United Nations, António Guterres, on the activities of the UN Office for West Africa and the Sahel (UNOWAS): “Maritime crime and piracy off the coast of West Africa continued to pose a threat to peace, security and development in the region.

“Between January 1 and November 23, (2018) there were 82 reported incidents of maritime crime and piracy in the Gulf of Guinea.”

 In Benin, the Gambia and Nigeria, more than 50 kilogrammes of cocaine were seized between July and October by joint airport interdiction task force.

 “During the same period, joint airport interdiction task force seized more than six kilogrammes of methamphetamines, eight kilogramme of heroin (double the amount in the first half of 2018) and 2.6 tonnes of cannabis.

“Drug production across the region was also reportedly on the rise, with more than 100 kilogrammes of ephedrine and phenacetin seized by competent authorities,” the report said.

also, in another report titled: “World Economic Situation and Prospects, 2018”, the UN expects Nigeria’s 2.1 percent economic growth projection for this year to drive West Africa’s growth forecast of 2.9 percent.

The report noted that Africa’s economic growth is projected to pick up to 3.5 per cent in 2018 and 3.7 per cent in 2019 or 3.3 per cent and 3.5 per cent in 2018 and 2019, respectively.

 It stated: “The West African economies are projected to grow by 3.3 per cent in 2018 and 3.4 percent in 2019. Growth in Nigeria will propel the regional average forward. The country exited recession in 2017 due largely to a rebound in oil production and increase in fiscal expenditure

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