The oil wealth in Nigeria is the primary breeding ground for the massive official corruption and the mammoth mismanagement of her state resources since it was discovered in commercial quantity in the 1960s. Nigeria as a nation keeps borrowing money year in and year out for many decades now to survive from the World Bank, IMF, Paris Club, London Club and African Development Bank (ADP) despite her international status as the world's sixth largest producer and exporter of oil as well as her over four decades of the daily production of this black gold.
The oil as one of the naturally occurring minerals on earth can be a source of blessing and prosperity or a curse to any nation where it is found. It all depends on the way the wealth from that oil is managed. In the case of Nigeria, It is a curse so far. Nigeria as a nation and her 160 million citizens have nothing today in 2013 to show physically for this huge oil wealth. Nigeria has made about $700 billion to date from this oil, about $400 billion of this oil wealth had been stolen by Nigerian rogue leaders and public officials according to the World Bank. Nigeria as an oil-rich nation has being borrowing money to survive from the western financial institutions in the midst of this oil wealth to date.
The price of one gallon of petrol in Nigeria is the one of the highest in the whole world. The minimum wage of $110 per month is one of the lowest in the world. The unemployment rate of 30% is one of the highest in the world today in 2013. The salaries and allowances that are paid to Nigerian public elected officials are the highest in the world. The Nigeria's highly corrupt public officials have used this oil wealth to curse Nigeria as a nation in particular and her citizens in general with massive poverty, unemployment, retrogression, misery and hopelessness.
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