Write For Us

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

Sponsored Post Vitamin D2 Canada Persia
42 Views

  • Thanks! Share it with your friends!

    You disliked this video. Thanks for the feedback!

ava
Published
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.

Subscribe: https://www.youtube.com/user/deutschewelleenglish?sub_confirmation=1


For more news go to: http://www.dw.com/en/
Follow DW on social media:
►Facebook: https://www.facebook.com/deutschewellenews/
►Twitter: https://twitter.com/dwnews
►Instagram: https://www.instagram.com/dwnews
Für Videos in deutscher Sprache besuchen Sie: https://www.youtube.com/dwdeutsch


#Nigeria #Oil #OPEC
Category
Europe
Tags
DW News
Sign in or sign up to post comments.
Be the first to comment