The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Dr. Orji Ogbonnaya Orji, underscored the pressing imperative of addressing oil theft and pipeline vandalization as a vital measure for the restoration of economic growth. He articulated the significance of these efforts in terms of rejuvenating investor confidence and reestablishing trust within the industry, both of which are pivotal to the achievement of economic advancement.
Dr. Orji expounded on this during his delivery of a keynote address titled “Pipeline Security, Oil Theft, and the Implications for Economic Growth” at the 2023 International Pipeline Technology and Security Conference. He emphasized the dire circumstances surrounding oil theft and losses in Nigeria, characterizing them as a national emergency with severe ramifications for oil exploration and exploitation. These consequences, he noted, cast a substantial shadow over economic growth, business opportunities, and profit margins for oil companies.
Citing NEITI’s recently released 2021 Oil and Gas Industry Report, Dr. Orji highlighted that the sector accounted for a noteworthy 72.26% of Nigeria’s total exports and government foreign exchange, contributing 40.55% of government revenue. Moreover, it played a pivotal role in generating 19,171 jobs, underscoring its critical role in the country’s economic landscape.
