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The Nigeria Extractive Industries Transparency Initiative (NEITI) has revealed that Nigeria raked in an impressive $831.14 billion in revenue from the oil and gas sector between 1999 and 2023. This substantial Nigeria oil and gas revenue figure highlights the sector’s importance to the nation’s economy.
NEITI’s Executive Secretary, Ogbonnaya Orji disclosed this staggering figure, during a session with the Senate Committee on Public Accounts. Orji also emphasized that the country requires a significant investment of $20 billion annually for the next 10 years to develop its gas infrastructure.
Despite the impressive revenue generated, Orji noted that crude oil theft has cost the country an estimated 701.48 million barrels since 2009, resulting in substantial losses. This affects Nigeria’s potential oil and gas revenue.
Understanding Nigeria’s Oil and Gas Revenue
In addition, the solid minerals sector contributed 1.56 trillion nairas in revenue between 2021 and 2023 but still accounts for less than one percent of the country’s GDP. The top states for solid mineral activities in 2021 were Ogun, Kogi, Cross Rivers, and the Federal Capital Territory.
The NEITI report also highlighted concerns about the implementation of the Petroleum Industry Act (PIA), citing the lack of a simple strategy and minimal oversight. The report suggests that improvements in implementation could further boost Nigeria’s oil and gas revenue.
Furthermore, Orji disclosed that $6.1 billion in outstanding revenue from royalties remains uncollected by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Federal Inland Revenue Service. Addressing these issues is vital to ensuring that Nigeria fully benefits from its oil and gas resources and maximizes its Nigeria oil and gas revenue potential.
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