Economic and industry experts have commended the Federal Government for reducing crude oil theft in Nigeria to its lowest level in 16 years.
The experts gave the commendation in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Thursday.
They said that sustaining the gains would boost foreign exchange liquidity, increase government revenue, and restore investor confidence in the oil and gas sector.
The experts added that collaboration between government, oil companies, security agencies and host communities was key to achieving the milestone.
Dr Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), said the government deserved credit for deploying innovative strategies to curb oil theft.
“The federal and state governments should be commended for engaging stakeholders, including oil companies and local communities.
The Petroleum Industry Act (PIA) has also played a role, especially with the community fund, which makes the oil economy more inclusive,” Yusuf said.
He added that partnering local security firms in the Niger Delta helped stabilise the region and boosted crude production, enabling Nigeria to meet its OPEC quota.
Dr Ayodele Oni, Partner at Bloomfield Law Practice, also applauded the government’s efforts.
He advised that sustaining the progress would require full enforcement of the PIA and the adoption of advanced surveillance technology.
“The government should institutionalise the measures that brought down oil theft.
Investment in drones, real-time monitoring, and data-driven intelligence is critical for long-term security and efficiency,” Oni said.
He emphasised that stronger collaboration between security agencies, oil companies, and host communities would consolidate the gains.
According to him, reducing oil theft has already increased government revenue, boosted foreign reserves and improved investor confidence.
Similarly, Mr Okechukwu Unegbu, former President of the Chartered Institute of Bankers of Nigeria (CIBN), said that the development is a major step toward strengthening Nigeria’s fiscal stability.
“The government should be congratulated.
“This will increase revenue, reduce budget deficits and ease foreign exchange pressures, as more hydrocarbons are exported to the global market,” Unegbu said.
He further advised the government to extend similar anti-theft measures to the solid minerals sector, particularly in Zamfara, where gold theft has been rampant.
According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), crude oil losses from theft and metering issues fell to 9,600 barrels per day in July.
According to him, this is the lowest figure since 2009, when losses stood at 8,500 barrels per day.
The commission said the trend signalled a major turnaround for the country’s upstream oil sector.
