Oil Surveillance Operations Key to $1 Trillion Economy

Stakeholders believe that oil surveillance operations can propel Nigeria towards achieving a $1 trillion economy by 2030. The initiative, led by Tantita Security Services Nigeria Ltd (TSSNL), aims to secure oil assets in the Niger Delta, which is essential for stabilizing and growing the economy.

President Bola Ahmed Tinubu has renewed the contract with TSSNL, which was initially started under former President Muhammedu Buhari, to ensure uninterrupted flow of petroleum resources. The National Bureau of Statistics (NBS) has reported that oil contributes 75% of Nigeria's foreign exchange earnings.

Recent surveys indicate a decline in violent incidents in the Niger Delta, attributed to TSSNL's operations. The NBS has also rebaselined Nigeria's GDP, projecting it at ₦372.8 trillion for 2024, which supports the goal of a $1 trillion economy by 2030.

Adeyemi Adeniran, Nigeria's Statistician General, explained the significance of this economic rebaselining.