The chairman of the Akwa Ibom State branch of the Nigeria Economic Society (NES), Prof. Chris Ekong, has expressed concern over dwindling oil revenues, blaming economic saboteurs, especially oil thieves, for the problem.
Ekong, who doubles as chairman of, the Committee of Deans and Dean of the Faculty of Social Sciences at the University of Uyo (UNIUYO), noted that the efforts of Tantita Securities in the ongoing war against oil thieves in the Niger Delta region have stemmed the tide while boosting the nation’s oil revenues.
He explained that the private security outfit had contributed immensely to ensuring stability and increased crude oil production in the nation’s oil-rich Delta region following its engagement by the federal government.
“Tantita, a private security outfit, has recently been engaged by the Nigerian government to deploy its tangible assets and intelligence in helping fight astronomical crude oil theft, which has bedevilled the oil-rich region and impacted crude production, which remains the mainstay of the nation’s revenue earnings.
“The government prime engagement of the security firm has been seen and described as a game changer in the sector; an initiative which has increasingly led to a spiraling boost in the nation’s oil production rate currently put at 1.8 million barrels per day (BPD).”
This was the position of Prof. Ekong during a seminar organised by the NES in Uyo, the Akwa Ibom State capital, where top economists drawn from the nation’s universities, organised private sector, and other stakeholders brainstormed on how to steer the country out of the prevailing socio-economic challenges.
He expressed worry that “Nigeria has been suffering heavy revenue losses and huge economic downturn in the sector, following dwindling capital resources occasioned by incessant and unchecked crude oil theft in the oil region,” and, therefore, stressed the need for effective negotiation for the International Oil Companies (IOCs) to resume oil production in Ogoni, Rivers State.
Besides, Ekong, stressed the need for the federal government to “increase support and encouragement to Tantita securities alongside its military collaborators to rid the region of the menace of crude oil theft.
“A committed and intensified security effort to arrest and tame crude oil theft from its present but distressing levels will ramp up oil production in the country to the projected 3 million barrels per day (BPD) as projected for a vibrant upstream sector.
“To achieve this, there is an urgent need to commence bilateral engagement with the Ogoni ethnic people of Rivers State for purposes of securing the approval of international oil companies (lOCs) to resume oil exploration and production in the area.
“The earlier stalemate of over 25 years ago had witnessed a leading global operator in the sector, Shell Petroleum Development and Exploration Company ( SPDEC) being stalled from carrying out oil exploration activities in the area. The stand-off followed unresolved environmental degradation and abuses, including huge pollution issues levelled against the company,” he noted.
