Dr. Orji Ogbonnaya, the Executive Secretary, Nigerian Extractive Industries Transparency Initiative (NEITI), has revealed that Nigeria lost N16.3 trillion to crude oil theft between 2009 and 2020.
He said about 620 million barrels of crude oil was lost within the period.
Crude oil theft and pipeline vandalism has become a major challenge to the authorities.
The Executive Secretary made the disclosure while delivering his keynote address at the Nigeria International Pipeline & Security Conference in Abuja.
He spoke on the topic: “Pipeline Security, Oil Theft and the Implications for Economic Growth”,
He said strengthening security around the country’s oil and gas pipeline system was key to the ongoing search for solutions to the problem of crude oil theft and pipeline vandalism.
He addled that solutions must be found for the challenge if investors’ confidence in the country’s oil and gas industry is to be restored and trust rebuilt, towards boosting national economic growth.