Nigeria Must Stop Crude Oil Theft, Says Okonjo-Iweala
Nigeria has no excuse for failing to stop crude oil theft, given the available technology, according to Ngozi Okonjo-Iweala, Director General of the World Trade Organisation (WTO). Speaking at the 2024 Annual General Conference of the Nigerian Bar Association (NBA) in Lagos, Okonjo-Iweala emphasized that crude oil theft severely undermines the nation’s economic and financial stability.
“Organized crude oil theft on a massive scale has been weakening Nigeria’s economic and financial health for years,” said Okonjo-Iweala. “With the technology available today to track such theft, there must be no more excuses for inaction.”
In her keynote address, titled “A Social Contract for Nigeria’s Future,” Okonjo-Iweala highlighted the connection between security and socio-economic development, warning that Nigeria cannot achieve the latter without ensuring the former. She urged politicians to cease weaponizing insecurity against their opponents, noting that this tactic exacerbates the nation’s challenges.
“We have politicians who believe that the best way to make their opponents look bad is to instigate insecurity, making it seem as though they can’t govern, regardless of the loss of lives and property of innocent Nigerians. This must stop,” she asserted.
Okonjo-Iweala also expressed concern over Nigeria’s declining economic performance, pointing out that the country’s Gross Domestic Product (GDP) growth rate has been on a steady decline since 2014. She explained that from 2000 to 2014, Nigeria enjoyed an average GDP growth rate of 3.8%, outpacing population growth and improving living standards. However, since 2014, the growth rate has reversed to an average of -0.9%, leading to worsening economic conditions for Nigerians.
“Many of the challenges facing Nigeria today are rooted in our failure to sustain the positive economic growth achieved in previous years,” she said. “Maintaining good economic and social policies, ensuring policy consistency, and implementing further reforms are crucial to putting Nigeria back on the path of progress.”
The WTO chief’s remarks at the NBA conference underscore the critical need for Nigeria to address its security and economic challenges to foster sustainable development
