Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr Orji Ogbonnaya Orji, has disclosed that Nigeria recorded 79 per cent reduction in crude oil theft between 2022 and 2023.
He said the country also recorded 15 per cent decline in oil and gas revenue as well as 8 per cent decrease in production volumes between 2022 and 2023 with the reserve-replacement ratio steadily declining.
Orji stated this at the launch of a research on the impacts of energy transition on Nigeria’s economy, held in Abuja.
According to him, the progress made by Nigeria against oil theft was a reflection of improved resource management.
He commended the office of the National Security Adviser, the Nigeria Armed Forces and security agencies for the drastic approach so far, resulting in visible decline in crude theft.
Orji appealed to security agencies to sustain the fight against oil theft.
Highlighting the study’s significance, he linked it to key findings from the recently released NEITI’s 2023 Oil and Gas Industry Report.
“Some of these findings are the 15% decline in Oil Revenues between 2022-2023; and 8% decrease in Nigeria’s production volumes between 2022 and 2023 with the reserve-replacement ratio steadily declining”, he stated.
