Nigeria’s economy is reeling from massive oil theft, costing the nation dearly. From January 2022 to June 2025, thieves stole 619 million barrels of crude oil, equivalent to N8.41 trillion in lost revenue, a new report reveals.
The Nigerian Extractive Industries Transparency Initiative (NEITI) released these findings on September 23, 2025. The report details how illegal bunkering, pipeline vandalism, and lax security fuel this crisis, bleeding the nation’s finances.
Daily, an estimated 1.2 million barrels vanish. This staggering loss stifles economic growth and burdens public funds. NEITI Executive Secretary Ogbonnaya Orji warned, “This theft undermines Nigeria’s fiscal stability and future prospects.”
Foreign investors are growing cautious. Major oil companies hesitate to fund new projects, citing security concerns. “Investor confidence is fading rapidly,” Orji noted at a Lagos press conference on September 22, 2025. The report highlights 15 high-risk theft zones needing urgent action.
The government is responding. On September 20, 2025, President Bola Tinubu ordered enhanced border patrols and advanced surveillance technology. However, corruption and weak enforcement continue to hamper progress, raising doubts about swift solutions.
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NEITI recommends stronger measures, including real-time tracking systems and stricter penalties for culprits. “Without reforms, Nigeria risks losing more revenue,” the report stresses.
The economic toll is severe. Lost funds could have rebuilt schools, hospitals, or roads. Instead, Nigeria’s debt climbs, with analysts forecasting sluggish GDP growth if the theft persists.
Oil accounts for 70% of Nigeria’s exports as of September 2025. Curbing theft could boost revenues by 20%, experts estimate. The government faces mounting pressure to act decisively.
Stakeholders demand immediate investigations into theft hotspots. With Nigeria’s economic stability at stake, leaders must deliver results to restore trust.
