Home » Nigerian tycoon Tony Elumelu calls gov’t to order, says 90 percent of Nigerians live in poverty

Nigerian tycoon Tony Elumelu calls gov’t to order, says 90 percent of Nigerians live in poverty

by Omokolade Ajayi

Nigerian multimillionaire businessman Tony Elumelu has called the country’s political leaders to order, saying drastic actions must be taken as 90 percent of the citizens live in hardship and poverty.

The renowned businessman, who is the executive chairman of United Bank of Africa, one of the country’s leading financial services groups, said the government should be held accountable for the country’s level of poverty and hardship, as Nigerians continue to struggle with an epileptic power supply, price hikes in energy products and a surge in food inflation.

“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 said on a Twitter.

Elumelu said he has been listening to colleagues at his office lament the challenges that they face on a daily basis and how things have gotten worse in recent years, and that the current situation necessitates severe action.

The businessman noted that these challenges are not limited to the people, but have had a knock-on impact on the country’s enterprises and businesses. He explained that insecurity and oil thefts in the Niger Delta region cost Nigeria roughly 95 percent of its oil production.

He revealed that, as a result, Shell Petroleum Development Company, the local unit of Royal Dutch Shell, declared force majeure on the Bonny Light oil export program on March 3, citing a reduction in inflows to the export terminal.

The Nigerian multimillionaire added that recent problems with oil production and exports came at a time when oil-producing countries are celebrating as their foreign reserves increase.

Elumelu urged Nigerians to be more outspoken about the country’s future in the next 2023 election, citing the importance of security and resources on everyone’s agenda.

Nigerians have been forced to contend with a slew of economic and social issues, including a prolonged increase in food prices, an increase in energy and transportation expenses, and insecurity in every part of the nation.

According to the Organization of Petroleum Exporting Countries, Nigeria’s crude oil output fell to 1.417 million barrels per day in February, down from 1.427 million barrels per day in January, compared to the country’s crude oil production potential of 2.5 million barrels per day.

The country’s National Bureau of Statistics stated earlier this week that inflation climbed in February after falling in January, as Africa’s most populous nation experiences fuel shortages, which have contributed to rising costs.

The statistics agency reported that the increase in the consumer price index between February 2021 and February 2022 was 15.70 percent, up from 15.60 percent in January.

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