Nigeria's Oil Production Losses Plummet to 2%

Nigeria's oil production losses have decreased sharply since President Bola Tinubu took office in 2023, according to Tony Elumelu.

Elumelu, an investor in Nigeria's oil and gas sector, stated that the country was losing as much as 97% of its oil production before Tinubu became president. However, he noted that this figure has dropped to just 2% by June 2026.

The improvement in crude production is attributed to ongoing efforts by security agencies to tackle oil theft and illegal refining, including a recent operation that dismantled three illegal refining sites in Rivers State and recovered approximately 91,000 litres of suspected stolen crude oil.