Nigeria Earns Only 5% of Crude Oil Export Revenue Despite Being Africa's Largest Producer

Nigeria receives just 5% of its total revenue from crude oil exports, despite being Africa's largest producer.

Nigeria, Africa's largest producer of crude oil, receives a disproportionately small share of the revenue generated from its crude oil exports. According to recent data, the country only benefits from 5% of the total revenue, highlighting a significant disparity in the distribution of wealth from this lucrative resource. This stark reality underscores the long-standing issue of underdevelopment and inequality in Nigeria's oil-rich economy. The stark figures also underscore the need for greater reform and accountability in the management of Nigeria's national patrimony.