UBA Chairman, Tony Elumelu, bemoans bad state of economy
Chairman of the United Bank for Africa (UBA), Tony Elumelu has bemoaned the bad state of Nigeria’s economy.
In Twitter thread on Thursday, Elumelu said that despite the country’s natural resources, 90 per cent of the country’s population are “living in hardship and poverty.
According to him Nigerians have been having to cope with “no electricity for 5 days, hikes in the price of diesel, frightening food inflation, etc.”
He also said the country should focus on security and resources as the 2023 general elections draw closer by demanding for leaders that “deliver”
“This morning, I am listening to my colleagues at the office bemoan the very pressing issues that they face everyday 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.
“How can a country so rich in natural resources have 90% 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,” Elumelu said.
“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.
“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!
“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,” he added.
