@Adisa
So I hate to agree with The Economist. But they have their finger on the pulse of the problem.
Forget the oil/money theft, forget corruption. That has always happened.
The administration's insistence on artificially propping up the Naira, along with fuel subsidy, has fecked the country over. There's the official dollar rate that can only be obtained at the Central Bank, and then there is the black market rate. You have insiders buying dollars at the CBN rate and then selling it on the street (classic arbitrage). Meanwhile importers who need dollars are forced to obtain it on the street, driving inflation on everything and slowing down the economy.
Meanwhile, the government is insistent on maintaining the idiotic fuel subsidy. Regardless of market prices they mandate that all stations sell fuel at a certain rate. When that rate is unprofitable to petrol stations, they close up and wait until the economics work, and meanwhile, fuel scarcity becomes a thing (unless you're connected of course). Couple that with rolling blackouts (should be called rolling power, the default is no light), inability to power generators, and is it no wonder the economy is on the verge of collapse?
Fix those two problems and after some short term pain, money starts flowing in again. Then you can invest in security and parastatals to go after the bunkering and corruption. Won't happen till after the elections at the earliest (fingers crossed for Obi: won't happen methinks).