N8.41tn Oil Theft Drains Economy, Fuels Investor Doubts
Nigeria has lost crude oil valued at N8.41 trillion to theft and metering deficiencies between 2021 and July 2025, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
While the commission noted that crude losses have fallen to their lowest in nearly 16 years, energy experts warn that the cumulative impact remains devastating, reflecting poor governance and missed opportunities in the oil sector.
Breakdown of losses
NUPRC data revealed the following yearly figures:
2021: 37.6m barrels lost ($2.66bn at $70.86/barrel)
2022: 20.9m barrels lost ($2.11bn at $100.93/barrel)
2023: 4.3m barrels lost ($355.7m at $82.49/barrel)
2024: 4.1m barrels lost ($330.3m at $80.56/barrel)
Jan–July 2025: 2.04m barrels lost ($146.5m at $71.79/barrel)
In total, the country lost $5.61bn (N8.41tn) within four and a half years.
What the losses mean
To put this in context, the stolen value could have:
Built 56,074 primary health centres at N150m each
Funded 129,401 classroom blocks at N65m each
Constructed 10,191 kilometres of roads at N825m/km
