Nigeria Lost $3.3bn To Oil Theft, Pipeline Vandalism In 1 Year — NEITI

Nigeria lost approximately 13.5 million barrels of crude oil, valued at $3.3 billion, to theft and pipeline sabotage between 2023 and 2024, according to the Nigeria Extractive Industries Transparency Initiative (NEITI).
NEITI executive secretary Dr. Ogbonnaya Orji, disclosed the losses at the 2025 NAEC conference in Lagos, describing them as a major setback to the country’s economic stability and energy security.
He said the stolen crude, if properly managed, could have funded Nigeria’s annual health budget or provided electricity access to millions of homes.
Orji emphasised that transparency and accountability are crucial for national progress. He revealed that Nigeria earned $23.04 billion in 2021 and $23.05 billion in 2022 from oil and gas operations but noted ₦1.5 trillion in unremitted funds owed to the Federation.
Highlighting NEITI reforms, Orji said the agency has evolved from routine auditing to a governance institution, establishing audits, a Beneficial Ownership Register for over 4,800 assets, and the NEITI Data Centre for real-time industry data.
He also announced a Just Energy Transition and Climate Accountability Framework to guide Nigeria’s shift to cleaner energy.
“Our energy future must rest on verifiable data, open contracts, measurable emissions, and accountable institutions,” Orji said, reaffirming NEITI’s commitment to full disclosure and public accountability.