TONY Elumelu, Chairman of Heirs Holdings and United Bank for Africa, has attributed Nigeria’s inability to meet its OPEC crude oil production quota to widespread crude oil theft. In an interview with the Financial Times, Elumelu emphasized that theft, rather than insufficient investment, is the primary obstacle to Nigeria’s oil production goals. He called for greater accountability from Nigerian leaders regarding the management of national resources.
Elumelu highlighted that while oil-producing nations benefit from rising foreign reserves, Nigeria struggles due to theft. He urged the government and security agencies to identify and address those responsible for the theft.
In June 2024, Nigeria produced 1.28 million barrels per day, falling short of OPEC’s quota of 1.5 million barrels per day. The Nigerian National Petroleum Company Limited reported discovering an additional 165 illegal refineries in the Niger Delta during the same period. This issue of oil theft also impacts the 650,000 barrels per day Dangote Refinery, exacerbating the supply crisis.
