Why oil-rich Nigeria has trouble exploiting its wealth | DW News

DW News Jul 23, 2022

Nigeria and its oil wealth is a complicated story. The west African nation is the continent’s biggest oil producer, and it ranks eleventh in global terms.But it has a hard time attracting foreign investment – prompting President Muhammadu Buhari to free Nigeria’s state-owned oil firm from state control earlier this month.Oil accounts for 90 percent of Nigeria’s exports but it’s had problems exploiting that wealth of crude – producing well under its daily OPEC quota.It’s estimated that about a tenth of the oil pumped ends up stolen: In the first quarter of 2022 that was crude worth a billion dollars. Where it ends up is a dirty business. Illegal refineries mark Nigeria’s oil-rich Niger Delta. Dirty and dangerous: Back in April, an refinery exploded, killing more than a hundred people. The government is cracking down on illegal refineries. But when DW correspondent Flourish Chukwurah visited the Niger Delta, she found that the problem is far from over.

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