Tinubu says reduced oil theft is supporting Nigeria’s economic recovery
President Bola Tinubu says oil theft has declined as Nigeria’s economy enters a period of renewed growth. In an Independence Day address, he linked the improvement to stronger oil-sector performance and defended reforms including petrol-subsidy removal and foreign-exchange changes, while promising continued efforts to secure infrastructure and attract investment.
President Bola Tinubu says oil theft has declined in Nigeria, linking the reduction to improved performance in the oil sector and wider economic growth. He made the claim in an Independence Day address in which he said the economy had grown by more than 4% in 2026. Tinubu said both oil and non-oil activity had contributed to what he described as a period of stable growth.
The president also said inflation had fallen substantially from its peak, foreign reserves had increased and the foreign exchange market had stabilised. He said non-oil export revenue exceeded $6bn in 2025, the highest level in Nigeria’s history. Oil theft and pipeline vandalism have been major challenges for Nigeria’s petroleum industry, causing production disruption, revenue losses and higher costs for protecting infrastructure.
Tinubu’s remarks came as the government sought to improve crude output, strengthen pipeline security and attract investment. Reforming the oil and gas sector has been a central part of the administration’s agenda since it took office in May 2023. The government removed the petrol subsidy and changed foreign-exchange arrangements, reforms that Tinubu has defended despite the hardship reported by households.
The president argued that the changes addressed structural weaknesses rather than merely easing their effects. He compared the reforms to difficult medical treatment and warned against returning to subsidy arrangements that he said were inefficient and placed pressure on public finances. Tinubu said the government was moving beyond the emergency phase of reform and would now focus on converting economic stability into employment, higher productivity and improved living conditions.
International oil companies, including Shell and TotalEnergies, have continued to pursue investment opportunities in Nigeria’s energy sector, according to the supplied material. The government has also sought to improve the operating environment through policy and regulatory changes. The president’s claim about declining oil theft was not accompanied in the supplied material by a figure or separate assessment.
He said continued reforms and improved security would help sustain growth and support further investment in the sector.
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