Abstract

Crude oil theft in Nigeria has escalated to alarming levels, posing a severe threat to the nation’s economic security, fiscal stability, and sustainable development. This illicit activity involves organised criminal networks, corrupt officials, and local actors who siphon crude oil, resulting in billions of dollars in revenue losses for the government funds that are critical for economic growth, infrastructural development, and public services. This study investigates the alarming escalation of crude oil theft in Nigeria and its severe threat to the nation’s economic security, fiscal stability, and sustainable development. Employing a qualitative research design that adopted thematic analysis of relevant literature as a suitable methodology for the study within the theoretical framework of the resource curse theory and concepts of economic security and sustainable development. Findings reveal that crude oil theft, driven by economic inequality, corruption, lack of transparency, and security challenges, results in billions of dollars in annual revenue losses. The study concludes that the persistence of this menace is linked to weak institutional frameworks, corruption, and inadequate enforcement of existing laws. To combat this, the study recommends strengthening legislative action through harsher penalties, enhanced surveillance, improved regulatory oversight, international cooperation, and community engagement, which are crucial for safeguarding Nigeria's economic stability and promoting sustainable development.

Keywords: Crude Oil Theft, Strategies, Economic Security, Sustainable Development, Nigeria.