NEITI | PHOTO CREDIT: Nop ng
In 2022, Nigeria lost over 13.5 million barrels of crude oil, valued at approximately $3.3 billion, due to theft and sabotage, according to the Nigerian Extractive Industries Transparency Initiative (NEITI).
The company, Platforms Africa, stressed that the amount could have supported a complete year of the federal well-being price range or increased vitality entry to tens of millions of Nigerians, characterizing the losses as a major hit to public income.
On Thursday, while speaking at the 2025 Association of Energy Correspondents of Nigeria (NAEC) Conference in Lagos, Dr. Ogbonnaya Orji, Executive Secretary of NEITI, revealed this.
"Nigeria's Energy Future: Exploring Opportunities and Addressing Risks for Sustainable Growth" was the theme of the event.
Orji stated that the numbers reflect not only financial loss but also a pervasive governance issue in the country's extractive industry, highlighting the urgent need for reforms to improve accountability and transparency.
"These losses aren't just financial," he said, adding that they also represent institutional weaknesses, broken beliefs, and lost opportunities for national advancement.
This is the exact reason why accountability and openness are essential; they are not optional. Nigeria cannot develop its energy sector sustainably without them.
He emphasized that the transparency and caution with which the country's clean sources are managed, rather than the quantity of its oil and gasoline reserves, will determine its vitality in the future.
Furthermore, he insisted that the time of secrecy in the governance of usable resources was past and advocated for information transparency at every level of the value chain.
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According to his definition, transparency is a financial necessity that encourages investor trust, draws in technology, and stimulates innovation rather than being a bureaucratic railroad.
"Data fosters trust, and trust fuels investment," he said. We at NEITI have stated unequivocally that economic competitiveness and national progress are predicated on transparency.
According to Platforms Africa, Nigeria made $23.04 billion in 2021 and $23.05 billion in 2022 from the oil and gas industry, according to the NEITI 2021–2022 Oil and Gas Industry Reports.
The reports also noted that several oil businesses and government agencies owed N1.5 trillion in good remittances to the Federation Account.
Recovering these cash "would significantly strengthen public finances and support critical investments in energy, education, and healthcare," according to the head of NEITI.
Orji also called on reporters affiliated with the Association of Energy Correspondents of Nigeria (NAEC) to use NEITI's data to hold government officials and corporate actors responsible.
He reiterated NEITI's steadfast commitment to ensuring that every kobo produced in Nigeria from sustainable sources advances the country.
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