Nigeria’s state oil firm NNPC Limited said on Monday that nearly all pipeline theft has been eliminated after coordinated efforts by the country's defence and intelligence agencies.

Three years ago, as little as 30% of oil sent through some pipelines made it to Nigeria's export terminals, costing the government billions in lost revenue and leading to investment being deferred.

"Today, I can proudly report that our pipeline and terminal receipts are attaining close to 100%," NNPC Group Chief Executive Officer Bayo Ojulari told a regional security forum in Abuja.

He said security had been improved, particularly within the Niger Delta, where most of the country’s oil infrastructure is located.

The country's defence and intelligence agencies were involved, as Ojulari said illicit trade was not merely a local problem but involved "sophisticated international syndicates" exploiting weaknesses in national and regional security frameworks.

As the improved security bolsters Nigeria's overall oil output and the country seeks to accelerate approval for new projects, the national oil regulator projected at an oil conference last week that Nigeria's output could surpass 2.5 million barrels per day next year.

Nigeria's oil production was last close to 2.5 million barrels per day in 2005 before militancy in the Niger Delta reduced output to 1 million bpd by 2016.

In 2021, Nigeria began hiring private security firms to complement the national security organisations in managing pipeline security.