- He lamented the inability of Nigeria to meet the crude oil production quota given to it by the Organisation of the Petroleum Exporting Countries
The Chairman of Heirs Holdings, United Bank of Africa, Tony Elumelu has weighed in on the imbroglio and debacle that have dogged Nigeria’s crude oil production in recent years.
He lamented the inability of Nigeria to meet the crude oil production quota given to it by the Organisation of the Petroleum Exporting Countries.
Speaking in a recent interview with Financial Times, Elumelu attributed the shortfall in production to crude oil theft.
According to him, crude oil theft has been a major stumbling block to Nigeria’s growth l.
He implored citizens to wake up and hold Nigerian leaders more accountable for the Nation’s resources.
“The reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple!
“Meanwhile, oil-producing countries are smiling as their foreign reserves are rising. What is Nigeria’s problem? We need to hold our leaders more accountable,” he said.
Within Nigeria had earlier reported that Elumelu asked the government and security operatives to disclose the identities of those stealing the country’s crude oil.
This comes amid the prolonged menace of crude oil theft in Nigeria.
OPEC’s crude production quota for Nigeria in 2024 stood at 1.5 million barrels per day, however, the country produced 1.28 Mbps in June.
Recall that the Nigerian National Petroleum Company Limited in June 2024 said it uncovered an additional 165 illegal refineries in various locations across the Niger Delta.
The discussion around oil theft comes amid the crude supply crisis facing the 650,000 barrels per day Dangote Refinery