NES Boss Laments Vandalism, Oil Theft

President, Nigerian Economic Society {NES}, Professor Adeola Adenikinju, has lamented the low investments in the nation’s energy sector due to vandalism and oil theft.

The expert in Petroleum Economics noted that this portends great danger for the economy of the country in the future.

The professor of petroleum economics at the University of Ibadan lamented that investment by international oil companies (IOCs) was taking a toll on the economy of the country.

The former director of the Centre for Petroleum, Energy Economics and Law (CPEEL), UI, who stated these in an interview with journalists in Ibadan,  disclosed that vandalism, oil theft and other challenges were hampering the sector’s contribution to gross domestic product (GDP).

The immediate past head of the department of economics at the premier university, said Nigeria was losing a lot of money, adding that  from the last four quarters, the oil sector had been contributing negatively to Nigerian economic growth.

Adenikinju, who is a member of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria {CBN} said: ‘’You have to break the issue in the oil sector down. At the off-stream where you do production, until recently, there has been a lot of volatility.

“There was a time we were doing one million barrels per day because of security, pipeline vandalism, oil theft and so many challenges that were going on in the sector.’’