If Nigeria has so much oil, why are they so poor?

Poor resource and wealth distribution and management, political instability, greed and incompetence, corruption and economic inequalities are the prime source of poverty and famine in Nigeria

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Culed: Ash Sab

Nigeria is the top oil and gas producer in Africa. The World Bank states that the oil-rich country is one of the world’s fastest developing countries and Africa’s biggest economy. The petroleum industry in Nigeria is booming, with an overall increase in oil export; amounting to 98% of the economical wealth of the country.

Yet, extreme poverty is still incredibly rampant. Actually, no… Not just rampant, it’s institutional. Nigeria has approximately 87 million people living in extreme poverty. That’s 87 out of the 180 million populating the country.

It’s paradoxically inconceivables how wealth and poverty have a stark contrast. Poor resource and wealth distribution and management, political instability, greed and incompetence, corruption and economic inequalities are the prime source of poverty and famine in Nigeria.

Global Citizen reports that 80% of the energy revenue is only benefiting 1% of the population. This statistic speaks for itself. Besides oil, Nigeria also has a large market in livestock, food and agricultural production. Essentially, Nigeria; as a nation has a lot of potential and is clearly developing and growing exponentially according to their economics.

However until there is a political and economical overhaul to monitor and eliminate the disparities, it will always be a country whose people will suffer at the hands of their leaders.

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