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Home AFRICAN DIASPORA

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

Stephen Small by Stephen Small
February 11, 2021
Reading Time: 3min read
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oil pump in Nigeria

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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 inconceivable 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.

poverty in Nigerianigeria child

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.

 

By, Ash Sab

Tags: AfricaAfrican American NewsAfrican NewsBlack NewsBlack PeopleNigeria
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Stephen Small

Stephen Small

Rev. Small realized God was present in his life as a child, and grew into an adult with a passion for knowing and understanding God, people and the difficulties of life. Rev. Small soon can to know Jesus Christ, and the presence of the Holy Spirit has he experienced the storms, trails, and tribulations of life as a Black man in America. Rev. Stephen C. Small survived numerous demonic assaults on his life, which gave meaning to God’s grace and mercy. Rev. Small reasoned that God’s presence in the world gives hope, meaning and purpose; it is the essence of learning, love and relationships. Rev. Small humbled himself and opened his heart and mind to listening, learning and obeying God. On sabbatical from a business career, Rev. Small earned a Biblical Studies degree, and Master of Divinity. Rev. Small’s faith and dedication to serving God is the reason he created Trueword Ministry; TWM’s website as an evangelism tool, designed to proclaim the gospel of Jesus Christ to Africans, African Descendants and the entire human race.

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