The Nigerian Extractive Industries Transparency Initiative (NEITI) says Nigeria lost about 13.5 million barrels of crude oil, valued at $3.3 billion, to theft and pipeline sabotage between 2023 and 2024.
Executive Secretary of NEITI, Dr. Ogbonnaya Orji, disclosed this on Thursday at the 2025 Association of Energy Correspondents of Nigeria (NAEC) annual conference in Lagos.
Speaking on the theme, “Nigeria’s Energy Future: Exploring Opportunities and Addressing Risks for Sustainable Growth,” Orji said the lost revenue could have funded an entire year of the federal health budget or expanded energy access to millions of Nigerians.
“These losses are not just economic—they represent broken trust, institutional weaknesses, and missed opportunities for national progress,” Orji said. “Transparency and accountability are not optional; they are essential.”
He noted that Nigeria’s energy future depends not on the size of its reserves, but on how transparently and prudently the country manages its natural resource wealth.
The NEITI boss added that the agency’s 2021–2022 Oil and Gas Industry Reports showed Nigeria earned $23.04 billion in 2021 and $23.05 billion in 2022, but identified ₦1.5 trillion in unpaid revenues owed by some oil companies and government agencies.
“If recovered, these funds could support vital investments in energy infrastructure, education, and healthcare,” he said.
Orji outlined reforms NEITI has implemented to strengthen accountability in the extractive sector, including:
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Regular audits of oil, gas, and solid minerals;
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The Beneficial Ownership Register, revealing the true owners of over 4,800 extractive assets;
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The launch of the NEITI Data Centre for public access to industry data; and
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The Just Energy Transition and Climate Accountability Framework to guide Nigeria’s shift to cleaner energy.
He urged government and industry stakeholders to embrace innovation and transparency as Nigeria positions gas as its transition fuel and renewables as its future energy source.
“Our energy future must rest on verifiable data, open contracts, measurable emissions, and accountable institutions. Every dollar must be traceable, every decision transparent,” Orji said.
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