Nigeria’s economy is facing another major setback as reports reveal that oil theft worth ₦8.41 trillion has occurred over the years, worsening the nation’s financial challenges.

Experts say this massive loss has not only drained government revenue but also created serious doubts among foreign and local investors. Oil theft has remained a long-standing problem in Nigeria, often linked to poor security in oil-producing regions, illegal bunkering, and corruption within the system.

The economic impact is far-reaching—reduced revenue for national development, limited funding for infrastructure, and increasing reliance on borrowing. Analysts warn that if urgent steps are not taken to address the crisis, Nigeria’s chances of attracting new investments in the oil and gas sector may continue to decline.

The government has promised new measures to tackle the menace, but many Nigerians believe only strong political will and strict accountability can end the cycle.