In a recent Interview with Arise News, Dr. Nnaemeka Obiaraeri, a renowned economist, has shed light on Nigeria's economic struggles, pinpointing the mismanagement of the country's oil resources as a significant factor.
According to Dr. Obiaraeri, crude oil, which accounts for 85% of Nigeria's foreign exchange earnings, has been plagued by theft and leakages, leading to economic volatility.
Dr. Obiaraeri drew a stark contrast between the current situation and the era of former President Olusegun Obasanjo, who inherited a more stable oil industry.
Under Obasanjo's leadership, oil production stood at 1.8 million barrels per day, with a crude oil price of $17.34. The former President ensured that oil resources were protected from theft and leakages, resulting in a more stable economy.
In his own words: "Our foreign top earner is the crude oil. 85 percent of our forex why did we not have this kind of volatility under Olusegun Obasanjo. When Olusegun Obasanjo (Obj) became President he inherited 1.8 million barrels a day oil production and the price of crude oil was $17.34. Olusegun Obasanjo then ensured two things, crude oil wasn't stolen and leakages were stifled".
Start the video at 8:00.
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