• Business - Economy
  • Updated: March 17, 2022

Tony Elumelu Laments Over Hardship, Poverty In Nigeria

On Thursday, Tony Elumelu, a celebrated Nigerian management guru and economist, lamented over the worsening electricity situation, the hike in the price of diesel, the rising food prices, and the general state of affairs in the country.

Tweets from the founder and CEO of businesses and non-profits like the Tony Elumelu Foundation (TEF), UBA bank and Heirs Holdings say that businesses are having a hard time because of the situation, and Nigerians are having a hard time with food prices 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.

"Businesses are suffering. How can we be losing over 95% of oil production to thieves? Look at the Bonny Terminal, which 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 of theft, pure and simple!

"Meanwhile, oil-producing countries are smiling as their foreign reserves rise. What is Nigeria’s problem?

"We need to hold our leaders more accountable!"

The Nigerian government hasn't done enough to take advantage of the rise in oil prices and tackle the problems of insecurity and poverty, said Elumelu.

He asked Nigerians to vote for leaders who can keep their promises as we prepare for the 2023 general election.

"Elections are coming – security and resources must be on everyone's agenda – let us be vocal about our country'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."


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Okojie Kelvin Echiejile
Okojie Kelvin Echiejile

I am an astute, dedicated, devoted, and intelligent investigator of economic, and financial news and...

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