Nigeria has cut its daily crude oil losses by 90 per cent in four years, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced.
Chief Executive Officer of the commission, Gbenga Komolafe, said on ARISE News that losses dropped from about 100,000 barrels per day in 2021, valued at $7 million to around $700,000 daily in 2025.
He attributed the progress to tighter security around oil assets and new regulatory measures, including the Upstream Measurement Regulation and Advanced Cargo Declaration Regulation, which track crude from loading terminals to discharge ports in real time.
Komolafe stressed that NUPRC remains the only statutory source of oil production data for Nigeria, with even OPEC relying on its figures. He dismissed claims in a recent report that N8.4 trillion worth of crude was lost in four years, describing the methodology as flawed.
According to him, President Bola Tinubu’s directive for urgent action against theft and revenue leakages pushed security forces and regulators to step up enforcement.
On the Dangote Refinery dispute with oil workers, Komolafe noted that it falls outside the upstream sector but urged the parties to resolve the matter quickly to avoid supply disruptions.
For decades, crude theft, vandalism and metering lapses have drained billions from Nigeria’s oil-dependent economy, undermining exports and investment.
The NUPRC says the reforms now in place mark a turning point in restoring accountability to the sector.
