Bank of America, one of the prominent banking institutions in the United States, has made a noteworthy observation regarding President Bola Tinubu's recent policy reforms. Despite initial pessimism, President Tinubu successfully eliminated fuel subsidies and implemented exchange rate reform. Now, Bank of America predicts that his next significant step will focus on combating the alarming billion-dollar crude oil theft that poses a threat to the finances of Africa's largest economy. The suggested strategy involves comprehensive security sector reform and active engagement with communities residing near the pipelines. Given the current momentum, reducing oil theft is deemed as President Tinubu's forthcoming major initiative.

Assuming its success, the global financial institution forecasts that this endeavor could boost Nigeria's crude production from the present 1.2 million barrels per day (bpd) to 1.6 million bpd within a span of 12 to 18 months, excluding any limitations imposed by OPEC.

Bank of America expressed its perspective, stating that achieving a crude oil production increase to 1.6 million barrels per day (bpd) within the next 12 months is both feasible and represents a significant structural improvement compared to the current levels of approximately 1.2 million bpd. If condensates are also taken into account, the total oil production could reach 1.8 million bpd within two years, which reflects the pre-pandemic production levels of Nigeria. It is noteworthy that Nigeria heavily relies on hydrocarbons, which constitute 90 percent of its exports, contribute at least half of its fiscal revenues, and make up about 6 percent of its GDP.

Bank of America further commented that higher oil revenues, coupled with a greater emphasis on generating non-oil revenue, would alleviate the burdensome debt service obligations.