The scale of the losses involved is daunting. Folake Shakirah Lawal, principal energy analyst at Pan Allen Energy in Abuja, cites a study by a Nigerian senate committee, which estimates that N1.3trn ($2.9bn) was lost from oil theft in the first eight months of 2022. That’s more than the total allocation to health in the proposed 2023 budget.
Nigeria: Tackling oil theft needs an international approach, experts say
Nigeria failed to take full advantage of higher oil prices in 2022 because of its inability to rapidly expand production, and the persistent problem of the theft of part of what was produced.