(Ecofin Agency) - The Nigerian Minister of State for Petroleum Resources, Emmanuel Kachikwu (photo), has said that the excessive vandalism of oil facilities by militant groups in the Niger Delta oil region has resulted in a loss of at least $80 billion annually.

According to the Minister, over 10,000 of such incidents were recorded at oil fields across the region which covers about 8% of the oil-rich country's landmass, every year. He said this had made the government become worried and is making effort to reverse the trend.

Kachikwu noted that an estimated $30 billion-revenue was accrued to the region within the last ten years but it was lost as a result of the activities of vandals and had increased the rate of poverty. He however urges residents of this region to agree to a peaceful dialogue with the government.

Anita Fatunji