By Kabiru Abdulrauf
Nigeria has lost an estimated $3.3 billion to oil theft and pipeline sabotage between 2023 and 2024, according to the Nigeria Extractive Industries Transparency Initiative (NEITI).
NEITI’s Executive Secretary, Dr. Ogbonnaya Orji, revealed this during the 2025 Association of Energy Correspondents of Nigeria (NAEC) Conference in Lagos on Thursday.
Orji said the country lost about 13.5 million barrels of crude oil, warning that the recurring incidents of theft and vandalism threaten Nigeria’s economic stability and energy future.
“These losses are not just economic, they represent broken trust, institutional weaknesses, and missed opportunities for national progress,” he said. “Transparency and accountability are not optional. They are existential.”
The NEITI boss explained that the revenue lost to theft could have funded an entire year of Nigeria’s federal health budget or expanded energy access to millions of homes.
He stressed that Nigeria’s energy future depends not only on its oil reserves but on how transparently it manages its natural resources.
“Our future will not be defined by reserves or capacity, but by how prudently we manage revenues, data, contracts, and decisions that shape our national destiny,” Orji stated.
NEITI’s latest industry reports show that Nigeria earned $23.04 billion in 2021 and $23.05 billion in 2022 from the oil and gas sector.
However, Orji disclosed that ₦1.5 trillion remains unremitted to the Federation Account by some companies and government agencies.
He said recovering these funds could significantly improve investments in energy infrastructure, education, and healthcare.
Orji outlined several key reforms undertaken by NEITI to promote transparency and accountability, including; Regular industry audits for oil, gas, and solid minerals, Launch of the Beneficial Ownership Register, revealing the true owners of over 4,800 extractive assets, Establishment of the NEITI Data Centre for real-time public access to sector data, Partnership with the NUPRC, NMDPRA, and NCDMB to enhance transparency in licensing and host community fund management, Introduction of the Just Energy Transition and Climate Accountability Framework to ensure fairness and openness in Nigeria’s clean energy transition.
“These are not ceremonial milestones,” he said. “They are practical governance tools designed to make transparency the DNA of Nigeria’s extractive sector.”
With global economies shifting to cleaner fuels, Orji said openness, responsibility, and innovation must guide Nigeria’s energy reforms.
“Our energy future must rest on verifiable data, open contracts, measurable emissions, and accountable institutions,” he said.
He added that NEITI’s vision is for every barrel produced and every dollar earned to be traceable, ensuring that natural resources translate into visible national prosperity.
NEITI’s report underscores an urgent call for reform, as Nigeria’s fight against oil theft, corruption, and opacity in the energy sector remains central to restoring public trust and sustaining long-term growth.
