The oil sector is likely to witness further contraction as escalating theft and underinvestment have become a clog in the wheel of progress of the industry. Experts lament the oil theft phenomenon that has assumed huge and dangerous proportion, is a major disincentive to investment in the oil and gas sector. In 2021, the country reportedly lost about $3.5 billion revenue to crude oil theft in representing about 10 per cent of the country’s foreign reserves. Reports also indicated that Nigeria lost almost 200 million barrels of crude in the first 11 months of the year, mainly due to oil theft. The chief executive officer(CEO) of the Centre for the Promotion of Private Enterprise(CPPE), Muda Yusuf, said the fragile operating environment has forced many oil companies to divest their producing assets and left the country while some others have opted for offshore explorations. Yusuf said the oil sector had […]