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How Can A Country So Rich In Natural Resources Have 90% Of Its Citizens Living In Hardship And Poverty – Tony Elumelu Cries Out On Nigeria Economy

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Nigerian economist, Tony Elumelu has lamented about the worsening economic situation of the country.


He recounted how he listened to his colleagues at the office bemoan the pressing issues they face in the country which include no electricity for 5 days, hikes in the price of diesel, frightening food inflation, and many others.

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Outlining the need to be vocal about the forthcoming 2023 general election, Elumelu wondered why a country that is so rich in natural resources, has 90% of its citizens living in hardship and poverty.Insisting that evil prevails when people are silent, the economist added that in 2023, Nigeria must be on a strong trajectory for progress and development.

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Elumelu who pointed out that oil-producing countries are smiling as their foreign reserves are currently rising, stated that we need to hold our leaders accountable.


He Wrote;

”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.

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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!

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.

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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.”

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Photo Credit: Getty

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