Billionaire businessman Tony Elumelu has highlighted what he described as major improvements in Nigeria’s oil and foreign exchange sectors, saying reforms in both areas could significantly strengthen the country’s economy if the gains are sustained.
Speaking on the state of the Nigerian economy, Elumelu claimed that oil theft has fallen dramatically, from as high as 97% of production before 2023 to about 2% currently.
According to the businessman, the development means Nigeria is now retaining approximately 98% of its oil production, a major turnaround that could boost government revenue and improve the country’s foreign exchange position.
Elumelu also pointed to changes in the foreign exchange market, saying access to dollars has become more transparent.
He argued that Nigerians no longer need personal connections at the Central Bank of Nigeria to obtain foreign exchange, suggesting that reforms in the FX market are gradually creating a more open system.
The comments come amid continued concerns over Nigeria’s oil production, crude theft, foreign exchange liquidity and the broader cost of economic reforms.
For Elumelu, however, the reported improvements should ultimately be measured by their impact on ordinary Nigerians and businesses.
Higher oil output and reduced crude theft could increase government earnings, strengthen export revenues and provide additional foreign exchange for the economy. Greater transparency in the FX market could also make it easier for businesses to plan, import goods and manage international transactions.
But the claims also place renewed attention on the need for reliable data and sustained reforms. If the reported reduction in oil theft and improvements in FX access are maintained, they could represent important progress for Africa’s largest economy.
