By Peace Erewunmi

Nigerian businessman and energy investor Tony Elumelu has said oil production losses in his operations have fallen dramatically, from as high as 97 per cent before President Bola Tinubu assumed office to just 2 per cent as of June 2026.

Elumelu made the disclosure while speaking about developments in Nigeria’s oil and gas sector and the impact of recent reforms under the Tinubu administration.

According to him, monthly fiscalisation showed that 98 per cent of oil production was accounted for in June, leaving only a 2 per cent loss.

The businessman, whose energy operations currently produce more than 58,000 barrels of crude oil per day, described the development as significant.

He said the improvement represents a major shift from the situation before Tinubu came into office, when crude theft and other disruptions severely affected production and revenue in the sector.

Elumelu’s Earlier Warning

Elumelu has previously spoken publicly about the scale of crude oil theft in Nigeria.

In 2022, he raised concerns over severe losses in the country’s oil industry, citing his experience at the Bonny Terminal, which he said was receiving less than 3,000 barrels of crude daily despite having the capacity to receive more than 200,000 barrels.

He attributed the situation largely to crude oil theft and pipeline-related disruptions and argued that the problem was a major factor behind Nigeria’s inability to meet its oil production targets.

The latest figures he cited suggest a significant improvement in the amount of crude being accounted for.

Oil Production Has Improved

Nigeria’s oil production has also shown improvement in recent months.

According to OPEC data cited by Nairametrics, Nigeria produced an average of 1.505 million barrels per day in July 2026, slightly above its OPEC quota of 1.50 million barrels per day.

The country also exceeded its quota in May and June, producing 1.53 million and 1.55 million barrels per day respectively.

However, July’s production remained below the 1.84 million barrels per day assumption used in Nigeria’s 2026 budget.

Elumelu Applauds Progress, Calls for More Action

While highlighting the improvement in the oil sector, Elumelu stressed that Nigeria must continue to address its energy challenges.

He pointed to the importance of reliable power and energy infrastructure in unlocking the country’s economic potential, particularly given Nigeria’s large and youthful population.

For Elumelu, reducing oil losses is an important step, but sustaining investment, improving energy supply and creating an environment where businesses can thrive will be crucial to achieving broader economic growth.

The reported reduction in losses comes as the Federal Government continues efforts to improve crude oil production, tackle oil theft and strengthen revenue generation from the petroleum sector.

The development has also generated reactions among Nigerians, with supporters of the administration pointing to the figures as evidence of progress under Tinubu, while others are likely to scrutinise the methodology and scope behind the 97 per cent and 2 per cent figures.

For now, Elumelu’s statement highlights what he considers a major improvement in accountability within the oil operations he referenced.