Nigeria Loses $3.3 Billion To Oil Theft, Pipeline Sabotage — NEITI
By ESTHER McWILLIS-IKHIDE
NIGERIA lost 13.5 million barrels of crude oil worth $3.3 billion to theft and pipeline sabotage between 2023 and 2024, according to the Nigerian Extractive Industries Transparency Initiative (NEITI).
Speaking at the 2025 NAEC Conference in Lagos, NEITI Executive Secretary Dr. Ogbonnaya Orji said the losses reflect deep institutional weaknesses and missed development opportunities, noting that such funds could have financed the nation’s annual health budget or expanded energy access for millions.
He emphasised that transparency and accountability are vital for managing Nigeria’s energy resources, adding that “data builds trust, and trust drives investment.”
NEITI’s latest reports show the oil and gas sector earned $23.04 billion in 2021 and $23.05 billion in 2022, but ₦1.5 trillion remains unremitted by companies and agencies.
Orji said NEITI has strengthened transparency reforms, including regular audits, a Beneficial Ownership Register of over 4,800 extractive assets, and the NEITI Data Centre for real-time access to industry data.
He urged government and industry leaders to ensure that every resource extracted “translates into visible national prosperity through open data, clean energy, and accountable governance.”
