‘Businesses Are Suffering,’ Elumelu Laments Over Hardship, Poverty In Nigeria

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CEM REPORT | The CEO of Heirs Holdings, Tony Elumelu on Thursday lamented over the hardship Nigerians are going through, the worsening electricity, hike in prices of diesel, and its effect on businesses in the country.

According to Channels, 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 organization, Tony Elumelu Foundation said the country is unable to meet its OPEC production quota due to oil theft.

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“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.

In 2015, Tony Elumelu Foundation launched the TEF Entrepreneurship Programme, a $100 million commitment by Tony Elumelu to empower 10,000 African entrepreneurs over 10 years.

Building on the Programme’s success and its unique ability to identify, mentor and fund entrepreneurs across Africa, the Foundation is increasingly sharing its robust delivery platform and working in partnership with institutions such as United Nations Development Programme, the African Development Bank, the International Committee of the Red Cross, GIZ, and United Bank for Africa Plc, to create meaningful and permanent impact across Africa.

Thus far, the Foundation has trained, mentored, and funded over 15,847 young African entrepreneurs across all 54 African countries through its Entrepreneurship Programmes, and provides capacity-building support, advisory and market linkages to over 1million Africans through its digital networking platform, TEFConnect.

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