The Nigerian government has looked into technology and has seen the possibility of protecting its oil from theft, with the possibility of using an electronic pipeline surveillance.
The country’s president Goodluck Jonathan indicated that this development will help curb what he described as the menace of oil theft.
“Relevant regulatory agencies are working round the clock to combat the challenge, considering the strategic position of oil and gas in the economy. My administration has embarked on a number of far-reaching measures to combat these unwholesome activities. Government is exploring the possibility of using electronic pipeline surveillance to track down oil theft,” he said.
He added that all relevant industries should ensure that all oil and gas related cargo should be discharged only at the designated terminals, and also that the agencies concerned should ensure strict enforcement on the ban on the illegal discharge of cargo and receiving of vessels at private jetties.
The president said that the choice of the Onne oil and gas free trade zone was strategic, as it will showcase the investors’ confidence in the Nigerian economy.
Jonathan highlighted that the revenue in oil has increased from $5.4 billion to $7.1 billion in 2013 and the FDI from $4 billion to $4.2 billion in the same year.
Among the increment came the companies operating in the free zone which have increased from 150 in 2011 to 170 in 2013 as well as employment regeneration which has increased from 30,000 in 2011 to 34,000 in 2013.
Another area of increment includes support to family livelihood which has grown from 180,000 in 2011 to 200,000 in 2013.
The Minister of Industry, Trade and Investment, Dr Olusegun Aganga, said the Oil and Gas Free Zone (OGFTZ) would continue to be a catalyst for the diversification of the economy as well as an investor magnet.
This piece of technology if applied and strickly followed will help the country know the areas that this crime os more prevalent and will help save up millions of shillings as well as attract investors.