25 June 2013

Africa: Continent Loses U.S.$300 Billion to Oil Theft, Illegal Fishing - AU

The African Union (AU) has raised alarm over the rising incidences of oil theft and illegal fishing in African countries to which, it says, the continent lost $300 billion (N48 trillion).

African Union Chairperson Nkosazana Dlamini-Zuma disclosed this in Yaounde, Cameroon yesterday at the commencement of the first Summit of Heads of States and Governments of the Economic Community of Central African States (ECCAS), the Economic Community of West African States (ECOWAS) and the Gulf of Guinea Commission (GGC).

Dlamini-Zuma lamented that the continent had lost $200 billion (N32 trillion) to illegal fishing within the last fifty years and another $100 billion (N16 trillion) to illegal oil bunkering since 2003.

The summit, which was attended by 25 African leaders was aimed at providing a coordinated regional and international response to piracy, drug trafficking, armed robbery and other illegal maritime activities in the Gulf of Guinea.

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