Why Nigeria can’t meet crude oil production quota – Elumelu

Chairman of UBA Banking Group and Heirs Holdings, Tony Elumelu, has stated that the reason Nigeria cannot meet its crude oil production quota and benefit from high oil prices is due to theft.

Elumelu, who disclosed this in a series of tweets, urged that by 2023, Nigeria must be on a strong trajectory for progress and development.

He said he has been listening to colleagues at his office bemoan the very pressing issues that they face every day in the country, and how things have been getting worse, resulting in no electricity for 5 days, hikes in the price of diesel, frightening food inflation, amongst others.

He said, “How can a country so rich in natural resources have 90 percent of its citizens living in hardship and poverty? 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 also warned that businesses are suffering and Nigeria is losing 95 percent of oil production to oil thieves, citing the Bonny terminal oil theft that should be receiving over 200k barrels of crude oil daily, instead it receives less than 3,000 barrels.

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