Abstract
The paper reviewed the economic implications of oil theft arising from vandalization of crude oil pipes, illegal petroleum refinery and bunkering in the Niger Delta region over a period of 4 years. The petroleum oil and gas industry being the highest government revenue generation in Nigeria for the sustenance of its economy became alarmed by the unprecedented rise in oil theft perpetrated by the activities of these illegal refineries (Artisanal refineries) dotted across the region with another group of criminals involved in outright theft of crude oil and selling to the international market. Data were collected from Nigerian middle and downstream petroleum regulatory authority and Nigerian upstream petroleum regulatory commission and processed. The outcome showed that within the period under review, Nigeria lost to oil theft an unprecedented oil revenue of $2.1b, $1.9b, $7.2b and $22.4b for 2019, 2020, 2021 and 2022 respectively. This great economic loss could have been used to sustain the dwindling economy. This article also made recommendations to mitigate this revenue loss.
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