Tinubu says oil theft is down in Nigeria

President Bola Tinubu says oil theft has decreased in Nigeria. He believes this is part of the country's better economic performance, which includes growth in both oil and non-oil sectors. He shared this information while speaking to Nigerians on Thursday for the country’s 66th Independence Day celebration. He highlighted his government’s economic successes and set out plans for the future.

Mr Tinubu mentioned that Nigeria's economy grew by over four percent in 2026. He also noted that inflation has dropped significantly from its peak, foreign reserves have increased, and the foreign exchange market has become more stable.

The president pointed out that Nigeria achieved its highest-ever non-oil export revenue in 2025, surpassing $6 billion. This shows how much Nigerian businesses are contributing to the economy.

“Both oil and non-oil sectors have contributed to the renewed period of stable growth,” Mr Tinubu said. He added that the drop in oil theft has helped improve the oil sector.

Challenges in the Oil Sector

Oil theft and pipeline vandalism are still big problems for Nigeria's oil and gas industry. These issues lead to huge revenue losses, production delays, and higher costs to protect and maintain oil infrastructure.

The president’s push to fight oil theft comes as the federal government works to boost crude oil production, tighten pipeline security, and attract new investments to the sector.

Reforming the oil and gas sector has been a key goal for the Tinubu government since it took office in May 2023. This is especially true after the removal of the petrol subsidy and changes in the foreign exchange market.

These reforms have come with renewed interest from investors in Nigeria’s oil and gas sector. There are many opportunities for exploration and development in shallow and deep-water areas, as well as offshore assets.

Major international oil companies like Shell and TotalEnergies are still looking for investment chances in Nigeria’s energy sector. This is happening alongside their efforts to optimize their operations and explore new projects.

Improving the Operating Environment

The government is also trying to make it easier for oil and gas companies to operate. They are doing this through policy reforms, regulatory changes, and addressing security issues that affect production and infrastructure.

Mr Tinubu defended his government’s economic reforms. He believes they address long-standing weaknesses in the economy, even though many Nigerians are facing hardship.

He compared the reforms to medical treatment for a serious illness. He said past governments focused only on the symptoms of economic problems instead of dealing with the root causes.

The president urged Nigerians to support the reforms. He warned against going back to what he called inefficient subsidy arrangements that put a lot of pressure on public finances.

He stated that the government has finished the emergency phase of economic reforms. Now, they are focused on turning economic stability into better living conditions, more jobs, and higher productivity.