Oil Theft Down 90% Since 2021 as Nigeria Defends Industry Progress
By NaijaEnquirer Staff
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported that crude oil theft in Nigeria has declined by more than 90 percent since 2021, crediting regulatory reforms, enhanced security collaboration, and industry resilience for the significant progress.
Rebuttal of Reported Losses
The Commission dismissed a recent report that pegged crude oil losses at N8.41 trillion as “misleading and inconsistent” with Nigeria’s operational and economic realities. It argued that the figures were exaggerated by applying a uniform exchange rate of N1,500/$1 across 2021–2025, despite official rates averaging below N600/$1 for most of the period.
“From a staggering 102,900 barrels per day in 2021, losses have now reduced to 9,600 barrels per day — representing over 90 percent reduction,” the Commission stated. “The N8.41 trillion quoted is therefore inaccurate. Attempting to situate it within the current 2025 federal budget is flawed and misleading.”
Industry Recovery and Growth
NUPRC highlighted that the National Bureau of Statistics (NBS) had already validated the sector’s recovery, with Nigeria’s economy expanding by 4.23 percent in Q2 2025, driven largely by oil sector performance.
The regulator listed key initiatives underpinning the recovery, including the “Project 1 Million Barrels” campaign, metering audits, restoration of shut-in strings, increased rig counts, and the development of alternative evacuation routes.
Unlocking Production Potential
According to NUPRC, Nigeria now has the technical capacity to produce over two million barrels per day. “We are galvanizing operators, service providers, rig owners, off-takers, and financiers to fully unlock this potential,” the Commission said.
Call for Responsible Reporting
The regulator criticized the newspaper that published the disputed figures for failing to seek clarification. “The story fails the integrity test as no attempt was made by the reporter to get clarification from the Commission. Balanced reporting is vital to safeguarding investor confidence,” NUPRC emphasized.
