Experts in the oil and gas sector have commended the federal government for reducing crude oil theft in Nigeria to its lowest level in 16 years. The experts, who gave the commendation while speaking to newsmen Lagos on Thursday, said sustaining the gains would boost foreign exchange liquidity, increase government revenue, and restore investor confidence in the oil and gas sector.
They added that collaboration between government, oil companies, security agencies and host communities was key to achieving the milestone. Chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf said the government deserved credit for deploying innovative strategies to curb oil theft.
“The federal and state governments should be commended for engaging stakeholders, including oil companies and local communities. Accirding to Yusuf, the Petroleum Industry Act (PIA) has also played a role, especially with the community fund, which makes the oil economy more inclusive.
He added that partnering local security firms in the Niger Delta helped stabilise the region and boosted crude production, enabling Nigeria to meet its OPEC quota. A partner at Bloomfield Law Practice, Dr. Ayodele Oni, also applauded the government’s efforts.
He called for more sustainable efforts in enforcement of the PIA and the adoption of advanced surveillance technology. “The government should institutionalise the measures that brought down oil theft.
