Ngozi Okonjo-Iweala, Director General of the World Trade Organisation (WTO), has urged Nigerian authorities to leverage technological advancements to combat and prosecute crude oil theft.
Addressing attendees at the 2024 Annual General Conference of the Nigerian Bar Association (NBA) in Lagos, she emphasized that the theft of national assets is a serious issue undermining Nigeria’s economic stability.
“A second aspect of security is the protection of national assets,” Okonjo-Iweala stated.
“Organized crude oil theft has long severely impacted our economic and financial health. All Nigerians must agree that such theft is intolerable and must be eradicated.”
She noted that technological innovations are now available to track and address oil theft effectively, stressing that there should be no further excuses for inaction. “There is so much technology available now to track such theft, and there must be no more excuses for inaction,” Okonjo-Iweala said.
The WTO chief highlighted that oil theft not only depletes national resources but also hampers efforts to strengthen foreign reserves. She called for a unified approach to tackle the issue, stressing that it requires coordinated efforts across various sectors of government and society.
Okonjo-Iweala’s comments come amid ongoing challenges in Nigeria’s oil sector, where theft has been a persistent problem affecting both the economy and security. Her call for action reflects a broader push for improved governance and accountability in managing Nigeria’s natural resources.
The conference, themed “Pressing Forward: A National Posture to Rebuilding Nigeria,” featured prominent figures including former President of Ghana John Mahama, President of the Court of Appeal of Nigeria Justice Monica Dongban-Mensem, and Vice President Kashim Shettima, who represented President Bola Tinubu.
Acting Chief Justice of Nigeria Justice Kudirat Kekere-Ekun, Senate President Godswill Akpabio, and House of Representatives Speaker Tajudeen Abbas were also in attendance.
