Nigeria recorded 79 per cent reduction in crude oil theft, 15% decline in oil and gas revenue as well as 8% decrease in production volumes between 2022 and 2023 with the reserve-replacement ratio steadily declining, the Nigeria Extractive Industries Transparency Initiative (NEITI) has said.
NEITI stated this Tuesday in Abuja when it launched a research on the impacts of energy transition on Nigeria’s economy.
The NEITI Executive Secretary, Dr Orji Ogbonnaya Orji noted at the launch that the progress made by Nigeria against oil theft, pointing out that the NEITI 2023 report showed a reduction of 79% in crude oil losses due to theft.
This, he said, reflects improved resource management.
He commended the office of the National Security Adviser, the Nigeria Armed Forces and our security agencies for the drastic approach so far resulting in visible decline in crude theft as disclosed by NEITI’s latest report.
Dr Orji appealed to security agencies to sustain the fight against oil theft.
The Executive Secretary of NEITI, further highlighted the study’s significance, linking 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 said.
Delivering the opening remarks on behalf of the NEITI Board, its Chairman, Senator George Akume represented by its alternate Chair, Ambassador Mathew Adoli, emphasised the urgent need for Nigeria to strategically respond to the challenges and opportunities presented by the global move towards cleaner energy.
“The transition from fossil fuels to renewable energy sources is no longer an abstract concept. It is a reality shaping policies, markets and investment decisions worldwide. For Nigeria, an oil-dependent economy, this presents profound challenges and opportunities.
“Our ability to navigate this transition effectively will determine not only the future of our energy sector but also the overall sustainability of our economy”, the chairman stated.
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