Abundant oil assets that should have brought wealth and stability but instead led to corruption and poverty.
In Nigeria, oil has not been a blessing. Weak institutions of state and poor governance in managing the vast revenues have led the country to fail to realise its full potential in a textbook example of what academics know as the “resource curse”.
Nigeria is the largest oil producer in Africa, the sixth-largest global exporter and holds the tenth-largest proven oil reserve in the world.
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