Elumelu Laments Poor State Of Nigeria’s Economy……Says Businesses Are Suffering

CEO of Heirs Holdings, Tony Elumelu on Thursday lamented over the worsening electricity, hike in prices of diesel, and its effect on businesses in the country.

The Nigerian Economist and businessman in a series of tweets said businesses are suffering under the situation with Nigerian citizens groaning under food inflation as well.

How can a country so rich in natural resources have 90% of its citizens living in hardship and poverty?,” Elumelu said.

“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.

“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 lamented.

Speaking further, the entrepreneur who also runs a leading non-profit organisation, Tony Elumelu Foundation said the country is unable to meet its OPEC production quota due to oil theft.

“Businesses are suffering. How can we be losing over 95% of oil production to thieves? 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 operator @Shell to declare force majeure,” he said.

“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!

“Meanwhile, oil-producing countries are smiling as their foreign reserves rising. What is Nigeria’s problem? We need to hold our leaders more accountable!”

Concerning the 2023 election, Elumelu urged those running for offices to prioritise security and urged Nigerians to advocate for leaders that deliver.

“Elections are coming – security and resources need to be everyone’s agenda – let’s be vocal for our nation’s priority.

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 2023, Nigeria must be on a strong trajectory for progress and development.”

Elumelu in 2020 was named on Time’s list of the 100 most influential people in the world.

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