NEITI Reports $3.3 Billion Crude Oil Loss in Nigeria, Emphasizes Transparency for Sustainable Energy Future

The Nigerian Extractive Industries Transparency Initiative (NEITI) disclosed a $3.3 billion loss in crude oil revenue, attributing it to theft and sabotage. Gbenga Komolafe, NEITI's chief executive, highlighted the importance of transparency to ensure a sustainable energy future in Nigeria.

The report revealed that Nigeria lost 13.5 million barrels of crude oil between 2023 and 2024. NEITI emphasized the need for reliable data and trust-building measures to attract investments and generate revenue in the sector.