Between 1999 and 2020, Nigeria earned a total of $741.5 billion and N635.3 billion from its oil and gas sector as well as its solid minerals sector respectively, according to the Nigeria Extractive Industries Transparency Initiative (NEITI). The earnings were over a span of about 21 years. The announcement was made by NEITI’s Executive Secretary, Ogbonnaya Orji, during a stakeholders’ roundtable event in Abuja where the NEITI 2021 Audit Reports for the oil, gas, and solid minerals sectors were reviewed and approved.
NEITI’s reports have revealed various financial aspects of Nigeria’s extractive industries, including revenue earnings, losses due to theft and sabotage, and subsidy payments. The reports indicate that Nigeria lost over 619.7 million barrels of crude oil valued at $46.16 billion or N16.25 trillion from 2009 to 2020 due to theft and sabotage. NEITI also highlighted the impact of subsidy payments on the country’s finances, with a total of $74.39 billion (N13.7 trillion) spent between 2005 and 2021.
The 2021 NEITI Industry Reports covered a range of companies and government agencies in the oil, gas, and mining sectors, aiming to establish quantities of minerals produced, revenue paid by companies, government investments in these industries, and more. NEITI’s reports are part of efforts to enhance transparency, accountability, and good governance in Nigeria’s extractive industries.