Prof. Chris Ekong, a development economist and chairman of the Akwa Ibom State branch of the Nigerian Economic Society (NES), has commended Tantita Securities for its pivotal role in combating crude oil theft and boosting Nigeria’s revenue.
Speaking at a seminar in Uyo, Prof. Ekong highlighted the critical contributions of the private security outfit to stabilizing and increasing crude oil production in the Niger Delta region.
Tantita Securities, engaged by the federal government, has deployed advanced intelligence and tangible assets to address the pervasive issue of crude oil theft, which has long plagued the oil-rich region.
The security firm’s efforts have also been described as transformative, contributing to a significant increase in Nigeria’s oil production, currently at 1.8 million barrels per day (BPD).
At the NES seminar, attended by top economic experts from academia and the private sector, Prof. Ekong emphasized the economic benefits of Tantita’s interventions, noting that the firm’s operations have curbed crude oil theft, securing production and increasing the nation’s oil revenue.
“Nigeria has suffered heavy revenue losses and economic downturns due to unchecked crude oil theft in the South-South region.
“Tantita’s efforts, alongside military collaborators, have provided a much-needed boost to our economy,” Ekong stated.
The economist urged the government to strengthen its support for Tantita Securities and its military partners to eliminate the menace.
He projected that with intensified security measures, Nigeria could achieve a production target of 3 million BPD, revitalizing the nation’s upstream oil sector.
In addition to advocating for enhanced security, Prof. Ekong advised the federal government to engage in bilateral discussions with the Ogoni ethnic group in Rivers State.
Such talks, he argued, are critical to resolving a 25-year impasse that has prevented international oil companies (IOCs), particularly Shell Petroleum Development Company, from resuming operations in the area.
The stalemate arose from allegations of environmental degradation, pollution, and other abuses attributed to Shell’s operations.
Prof. Ekong noted that resolving these issues could pave the way for increased oil exploration and production in the region, further boosting national revenue.
Prof. Ekong, a Harvard-trained economist and chairman of the Committee of Deans at the University of Uyo, emphasized that tackling crude oil theft and fostering collaboration with oil-producing communities are key to achieving economic resurgence under President Bola Ahmed Tinubu’s administration.
He expressed optimism that Nigeria’s socio-economic fortunes could be restored if decisive actions are taken to address the challenges in the oil sector.
“The road to economic recovery lies in protecting our resources and fostering partnerships that prioritize sustainable development,” he concluded.
Crude oil theft has been a major obstacle to Nigeria’s economic growth, costing the country billions of dollars annually.
With Tantita Securities leading the fight against this menace, the nation is seeing tangible progress.
However, experts like Prof. Ekong stress that sustained efforts, community engagement, and international collaboration will be critical to ensuring long-term stability and growth in Nigeria’s oil sector.
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