Why Nigeria is unable to meet OPEC crude oil production quota – Elumelu

Crude oil theft, according to Tony Elumelu, Chairman of Heirs Holdings, United Bank of Africa, is the reason Nigeria is unable to produce as much crude oil as the Organisation of the Petroleum Exporting Countries.

This was revealed by the billionaire businessman in a Financial Times interview.

Crude oil theft, in his opinion, has been a significant obstacle to Nigeria’s development.

He asserted that in order to make Nigerian politicians more responsible for the country’s resources, the populace must awaken.

“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 are rising. What is Nigeria’s problem? We need to hold our leaders more accountable,” he said.

Elumelu requested that the government and security personnel identify individuals who are stealing the nation’s crude oil, according to a previous ZINGTIE story.

This occurs in the midst of Nigeria’s ongoing threat of crude oil theft.

Nigeria was allotted 1.5 million barrels per day of petroleum production capacity by OPEC in 2024; but, in June, the nation produced 1.28 Mbps.

Recall that in June 2024, the Nigerian National Petroleum Company Limited announced that it has discovered a further 165 illicit refineries spread around the Niger Delta.

The conversation about oil theft takes place in the midst of the 650,000 barrels per day Dangote Refinery’s crude supply issue.

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