Tony Elumelu, a Founder and Chairman of the pan-African financial services group, the United Bank for Africa (UBA) has stated that Nigeria losses over 95% of its oil production to thieves.
This was disclosed in a tweet where Tony Elumelu mentioned that “This morning, I am listening to my colleagues at the office bemoan the very pressing issues that they face every day in this country, and how things have been getting worse and worse- no electricity for 5 days, hikes in the price of diesel, frightening food inflation etc.”
He went further to tweet about the nation’s ability to be abreast of other nations of the world in terms of citizen’s welfare and economic prosperity. He said “How can a country so rich in natural resources have 90% of its citizens living in hardship and poverty?”
He explained that the country’s development can only be aided if certain measures are put in place. He mentioned that “I have often said that access to electricity is critical for our development, alleviation of poverty and hardship. And speaking of security, our people are afraid.”
He commented on the business environment and how difficult it is for a business to be sustained in the country as he said “Businesses are suffering. How can we be losing over 95% of oil production to thieves?”. He cited some companies should be receiving more barrels of crude oil daily where he mentioned, “Look at the Bonny Terminal that should be receiving over 200k barrels of crude oil daily, instead it receives less than 3,000 barrels leading the operators @Shell to declare force majeure.”
He exclaimed in bitterness as he continued in his tweet, saying, “why are we paying taxes if our security agencies can’t stop this? It is clear that the reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple!”.
He emphasized the fact that the oil we have in the country is supposed to be a blessing to the country especially as the global oil price rises, rather we are being faced with hardship in the country. He tweeted this as “Meanwhile, oil producing countries are smiling as their foreign reserves are rising. What is Nigeria’s problem?”.
He blamed our leaders for being unaccountable for their service to the country as he mentioned “We need to hold our leaders more accountable.”
He urged Nigerians to be more vocal as the elections are coming. He stated “Elections are coming- security and resources need to be everyone’s agenda- let’s be vocal of our nation’s priority.” He went further to stress that “Evil prevails when good people are silent. We need to be vocal about 2023. Let’s focus on Nigeria. Demand and advocate for leaders that deliver.”
In his concluding statement, he said “in 2023, Nigeria must be on a strong trajectory for progress and development.”