Crude oil,a curse in disguise or a blessing to Nigeria

[tabas]

Crude oil has never and will not be a curse in disguise to any country in the world. I have heard this type of statements from many Nigerians and each time I hear it I just wonder were it's coming from.

That's coming from their frustration that they are not benefiting from the oil that they have in their country. If the government is proactive then everyone will see how they'll make money out of it. And that's why I understand where it is coming from and that's from the ground that they should be part of the prosperity that they can get from it.

Ask yourself if Nigeria is the only place were crude oil has ever been discovered, and the answer is no . There are several countries around the world that oil was discovered and these countries are managing it well and putting the profit that they make for national development but, this is not the case with Nigeria.

It is true that there are other countries where they have oil reserve and they make the most of it and the profit goes back to the people either for services or infrastructures, buildings, schools, etc.

[OsaiEmma]

My question is should Nigeria go back to agriculture to compliment the crude oil? What is your take on this.

Nigeria doesn't need to complement crude oil with anything to be successful. We are still under the British rule, that is why the country is a mess. Our colonial masters haven't taken off the shackles placed on us. How can a country, fully capable of being industrious, decide to be exporting the raw product (crude oil) then import the refined/finished product (diesel and petrol) at a costly price than they exported it—if this is not being under a spell or something, then what does it mean?

I'm glad we're making some changes, but it isn't enough. Imagine Iran that is fighting, the cost of diesel there is $0.006; meanwhile in Nigeria, it is $1.05. this is comparing to a country currently fighting a very serious war against the US and Israel with a huge inflation on their currency (Iranian rial)—we can't blame inflation for this.

I'm just somewhat optimistic about this Dangote refinery—despite not seeing much impact yet—I believe it will help a little in the long run.

But I just can't understand why the government decided to remove subsidy—and the debt accumulation is still pilling up. I don't think it is a thing of agriculture being included, it is just bad governance.

If your government cannot be relied upon at all no need to wait for the government to change first, you can start by making one community which created differnt culture and habit from the system currently. This community can start with build small institution which practicing organizational conduct that is honest, transparent, and free from collusion, corruption, and nepotism whether in economic or political terms. Soetimes national change doesn not always begin in parliament, sometimes it start  with a small group of people who think and act in a different way with system that they are criticized.

What are you even saying, after building the community, then what next? The government is still there controlling whatsoever resources you think you're putting together, they're still there controlling the security, and all. Do you really think it's as simple and straightforward as you're making it to be? If the solution of Nigeria is by creating a better "community", do you think there will be any complaints?

I hear from my buyer that Nigeria biggest problem are big resources wealth without value added industrialization. Maybe at the meantime your country caught on oil curse but the root problem how to increase productivity and basic industrialization. Nigeria citizen must turn to a new leaf by change exist comparative advantages become future needed industry on every sector, so Nigerian need more domestic value creation if possible can push government to use oil revenue to build infrastructure that less dependent to oil economically.

Either your client was just born yesterday or are one of those Nepotistic individuals. While growing up, there were a lot of industries in Nigeria, so many foreigners were in Nigeria, setting up industries and different establishments. All of a sudden, things changed, political tuggle, partism, conflict etc, Nigeria became uninhabitable and less industrious. So, your clients are giving you a myopic view of the situation in Nigeria.

The example what small group can do, some farmers form a business group and become industrial producer by purchasing simple drying and milling machine, producing flour, package the product and selling to local shop and online. Try to strengthening the circulation of money within the community with create product and build local supply chain so same amount of money can create multiple transaction cycle.

And there are a lot of these in Nigeria. So this is not exactly the solution. And besides, if let's say a common person wants to get into Agriculture, do you know how much that will cost them? And the sad part is, you'll barely see the means in acquiring a loan.

Anyway, I appreciate the effort you've put in to proffer a solution. But trust me, it is not as easy and simple as it seem.

[SDS11]

Before crude oil was discovered in Nigeria in 1956, Nigeria's economy was built on agriculture and a few minerals. Basically Nigeria fed the world and built from the ground (soil). What happened, what changed now? Corruption before the discovery of crude oil was minimal but became a national anthem the moment crude oil was discovered. Suddenly everyone is a politician and that made Nigerians to abandon agriculture because there is free money from the dubious politicians to throw around. My question is should Nigeria go back to agriculture to compliment the crude oil? What is your take on this.

Nigeria should go back to agriculture but not to abandon crude oil to compliment it, that is where we all get it all wrong. Crude oil is a blessing to Nigeria the curse is how our leaders managed it. Crude oil  and agriculture can serve a common purpose if managed well, crude oil should bring the dollars while agriculture should feed the people and create jobs . Effectiveness of both depends on management the problem was never what God gave us whether oil or fertile land, the problem has always been the government(hands) managing it.

[Solodoski]

The discovery of crude oil in Nigeria can be argued as a cause to Nigeria, because before the discovery of crude oil Nigeria was surviving with agriculture and we are doing very well, but the discovery made Nigeria abandon Agriculture and only concentrate on oil, which has hampered the agricultural market in Nigeria. It would have been very good of the government has continued investing in agriculture along side crude oil. The argument that crude oil is a caused to Nigeria can be valid,  because it dis not just affect the agricultural sector,  but it also affect othe sectors. We have other mineral resources,  but the government only concentrate on oil right now, which is really bad for the Nigerian economy.

[logfiles]

Reverse survivor bias!
Of course, third-world countries that are rifled with corruption will still be third-world countries even with resources, but this doesn't mean every 3rd world country with resources will keep being poor. This is the evolution of GDP per capita in some of those, telling the other half of the story:



But of course, as I see in this topic in some psots, some will still blame colonialism and Europe, and so on, rather than look in the mirror.

Colonialism does still exist though but in a different form. If you watch international news with a neutral mindset you will see it right away.
1. Sanctions to countries that don't align with what the west wants. Remember how Venezuela was bombarded? Look at Cuba today. El Salvador decided to go Bitcoin and they started being threatened left, right and center by IMF and world bank.
2. Endless loans and grants to poverty stricken nations. Have you asked yourself what the collateral is? There is no way a country is going to develop or become independent with such.
3. Exploitative arms and security deals. Even Ukraine is facing it rough because the US wants their hands on their (Ukraine's) minerals.

The only way is to break out of the loop like China and a number of Asian countries did

[angrybirdy]

Before crude oil was discovered in Nigeria in 1956, Nigeria's economy was built on agriculture and a few minerals. Basically Nigeria fed the world and built from the ground (soil). What happened, what changed now? Corruption before the discovery of crude oil was minimal but became a national anthem the moment crude oil was discovered. Suddenly everyone is a politician and that made Nigerians to abandon agriculture because there is free money from the dubious politicians to throw around. My question is should Nigeria go back to agriculture to compliment the crude oil? What is your take on this.

Nigeria should go back to agriculture but not to abandon crude oil to compliment it, that is where we all get it all wrong. Crude oil is a blessing to Nigeria the curse is how our leaders managed it. Crude oil  and agriculture can serve a common purpose if managed well, crude oil should bring the dollars while agriculture should feed the people and create jobs . Effectiveness of both depends on management the problem was never what God gave us whether oil or fertile land, the problem has always been the government(hands) managing it.

The question now is not whether Nigeria should switch from crude oil to agriculture, but how can both the sectors be developed to produce benefits for Nigeria and the people? Oil is still a key source of foreign exchange but reliance on this without adequate investment in agriculture will lead to an unhealthy balance. It can help to support food security, employment generation and local enterprises particularly the youth... Nigeria requires good stewardship of its resources, along with long term planning and openness about their uses in both sectors. Oil revenues will be better spent on infrastructure, educational and agricultural technology developments than on being consumed without any investment in the future. Our natural resources can be leveraged by one another with the proper leadership and policies, rather seen as alternatives. The resources are available, it is how we manage and invest them wisely that matters.

[stompix]

1. Sanctions to countries that don't align with what the west wants. Remember how Venezuela was bombarded?

Nope, do remind me how Venezuela was bombarded!

Look at Cuba today.

Weird how you keep counting shitholes failed countries!
Seems to me like being an enemy of the US could immediately tell the whole story of why this is happening.

El Salvador decided to go Bitcoin and they started being threatened left, right and center by IMF and world bank.

Maybe because Bukele was lying like a good dog on all fours and wagging his tail to the IMF for more money while posting about independence and sovereignty on Twitter for the plebs?
Why did they need the IMF in the first place, oh, wait, because the country was a shithole nobody was lending a penny but the IMF!

2. Endless loans and grants to poverty stricken nations. Have you asked yourself what the collateral is? There is no way a country is going to develop or become independent with such.

Wonder why Germany and Japan did so after being razed to the ground, oh, wait, because their people never made the country a shithole in the first place!

3. Exploitative arms and security deals. Even Ukraine is facing it rough because the US wants their hands on their (Ukraine's) minerals.

Weird, last time I checked, Russia was killing tens of thousands of innocent Ukrainians for their land.
But do tell me more about this alternative reality of yours where these did happen, is it reality C-137 or dimension 7𐤓ト⊇V ?

[DYOR+BTC]

The discovery of crude oil in Nigeria can be argued as a cause to Nigeria, because before the discovery of crude oil Nigeria was surviving with agriculture and we are doing very well, but the discovery made Nigeria abandon Agriculture and only concentrate on oil, which has hampered the agricultural market in Nigeria. It would have been very good of the government has continued investing in agriculture along side crude oil. The argument that crude oil is a caused to Nigeria can be valid,  because it dis not just affect the agricultural sector,  but it also affect othe sectors. We have other mineral resources,  but the government only concentrate on oil right now, which is really bad for the Nigerian economy.

Many unpredictable things have happened in Nigeria since the discovery of crude oil, lifes lost on the process and the country's economy dragged to the mould but all this never happened because of the existence of crude oil but because of bad leadership system in the country. Just like in the time when agricultural activities where considered the major sources of income in Nigeria, then we had leaders with the capability of managing the resources generated then but all we have now are criminals and not leaders because all are invested in fat bank accounts and not the purpose for leadership.

[Youngrebel]

Many unpredictable things have happened in Nigeria since the discovery of crude oil, lifes lost on the process and the country's economy dragged to the mould but all this never happened because of the existence of crude oil but because of bad leadership system in the country. Just like in the time when agricultural activities where considered the major sources of income in Nigeria, then we had leaders with the capability of managing the resources generated then but all we have now are criminals and not leaders because all are invested in fat bank accounts and not the purpose for leadership.

Nigeria has enough natural resources to build up a strong economy but still yet poor governance, corruption and lack of most especially accountability is the problem prevented those resources from being used to develop the country and the most painful part is that agriculture, which has once played a major role in the economy, was gradually neglected as all attention shifted toward oil and what Nigeria needs right now is a good that treats public resources as a responsibility to the people, not as an opportunity for personal wealth and until then proper discovering more resources alone will not solve the problem.

[Abdulzuruku01]

The discovery of crude oil in Nigeria can be argued as a cause to Nigeria, because before the discovery of crude oil Nigeria was surviving with agriculture and we are doing very well, but the discovery made Nigeria abandon Agriculture and only concentrate on oil, which has hampered the agricultural market in Nigeria. It would have been very good of the government has continued investing in agriculture along side crude oil. The argument that crude oil is a caused to Nigeria can be valid,  because it dis not just affect the agricultural sector,  but it also affect othe sectors. We have other mineral resources,  but the government only concentrate on oil right now, which is really bad for the Nigerian economy.

I know some people think crude oil is a curse to Nigerians but if the Nigerian government can focus on other economic boosting resources instead of only oil, it will be for the betterment of our country.  We can depend on anything that can boost our economy, which in my opinion it will be a double advantage for us.

Some countries we see today that depend only on oil didn’t have other options, yet they still became developed countries with it.  In Nigeria we have fertile land, oil, and other vital rare natural resources. Our government can do better by investing in and developing those resources.

[DrBeer]

My question is should Nigeria go back to agriculture to compliment the crude oil? What is your take on this.

Nigeria doesn't need to complement crude oil with anything to be successful. We are still under the British rule, that is why the country is a mess. Our colonial masters haven't taken off the shackles placed on us. How can a country, fully capable of being industrious, decide to be exporting the raw product (crude oil) then import the refined/finished product (diesel and petrol) at a costly price than they exported it—if this is not being under a spell or something, then what does it mean?

.....

Let me say right away - I am not a resident of Nigeria, and I have not devoted my entire life to studying Nigerian history, but… Here are the facts:

"Nigeria is no longer under British rule. The country gained full independence on October 1, 1960, becoming a sovereign state.
Here are the main milestones of this process:
1960: Nigeria declared independence from the United Kingdom but initially remained a kingdom within the Commonwealth, with Queen Elizabeth II serving as the formal head of state.
1963: Nigeria officially changed its status, becoming a Federal Republic and completely severing its constitutional ties with the British monarchy. Nnamdi Azikiwe became the country’s first president.
Today, Nigeria is an independent presidential republic, although it continues to maintain diplomatic and cultural ties with its former colonial power through its membership in the Commonwealth of Nations."

Who is right and who is wrong? Can you provide arguments in support of your statement, "We are still under British rule; that is why the country is a mess"?
 

[Youngrebel]

Nigeria has enough natural resources to build up a strong economy but still yet poor governance, corruption and lack of most especially accountability is the problem prevented those resources from being used to develop the country and the most painful part is that agriculture, which has once played a major role in the economy, was gradually neglected as all attention shifted toward oil and what Nigeria needs right now is a good that treats public resources as a responsibility to the people, not as an opportunity for personal wealth and until then proper discovering more resources alone will not solve the problem.

Well I agree with you but the part where you talked about agriculture got my attention and i think I can add something to that. To me from my observations and account to history have read our agricultural system wasn’t just abandoned looking for past events states like Kaduna which is well known for producing grains, maize, groundnuts, and many more state like Kano also known for groundnuts, cotton and other crops, and so many other states I can’t even mention mostly the south south agricultural and fishing were moving just fine until the dilling of crude started and it destroyed so many lands snd water that can’t be use for farm produce today mostly in the south side and thats why till today the issue of militancy still exist and in areas like the north people can’t farm comfortable because of the terrorism so what am trying to say is agriculture was never abandoned but rather corruption made it stop.

[MorganaX]

Crude oil has been one of the resources that generates revenue because it's what we export majorly to other countries and due to how focused the country has been on crude oil less attention has been given to agriculture in nigeria. We could easily say that this is a blessing but in a way it's also a curse and the reason why is because the elites only seek to use this resource for their pwn selfish interests instead of using it to develop the country, this greed has led to conflicts and disagreements and it still goes on till today.

[Cookdata]

Who is right and who is wrong? Can you provide arguments in support of your statement, "We are still under British rule; that is why the country is a mess"?

I think that's coming from both sarcasm and Irony. I wouldn't say it's  British rules and slavery, most part of African countries with rich minerals and natural resources are often influenced by world leaders like the British empire and US with candidates they have interests on is and who is going to win the election. So he is literally saying Nigeria was given independent to rule alone but the British people and other western countries didn't let the freedom prosper, they are the reason why the growth is this way.

However, I'm not sure if this is a fact. There is no evidence anywhere that the west influence Nigeria growth and development. The British don't didn't decide on the vault, it's same Nigerian people that do that vote, I don't remember any of the British come to observe the election except for few people from other countries to be a witness on how the process is carried and they don't do anything, they don't influence, that's how things are handle during the election.

[OsaiEmma]

My question is should Nigeria go back to agriculture to compliment the crude oil? What is your take on this.

Nigeria doesn't need to complement crude oil with anything to be successful. We are still under the British rule, that is why the country is a mess. Our colonial masters haven't taken off the shackles placed on us. How can a country, fully capable of being industrious, decide to be exporting the raw product (crude oil) then import the refined/finished product (diesel and petrol) at a costly price than they exported it—if this is not being under a spell or something, then what does it mean?

.....

Let me say right away - I am not a resident of Nigeria, and I have not devoted my entire life to studying Nigerian history, but… Here are the facts:

"Nigeria is no longer under British rule. The country gained full independence on October 1, 1960, becoming a sovereign state.
Here are the main milestones of this process:
1960: Nigeria declared independence from the United Kingdom but initially remained a kingdom within the Commonwealth, with Queen Elizabeth II serving as the formal head of state.
1963: Nigeria officially changed its status, becoming a Federal Republic and completely severing its constitutional ties with the British monarchy. Nnamdi Azikiwe became the country’s first president.
Today, Nigeria is an independent presidential republic, although it continues to maintain diplomatic and cultural ties with its former colonial power through its membership in the Commonwealth of Nations."

Who is right and who is wrong? Can you provide arguments in support of your statement, "We are still under British rule; that is why the country is a mess"?
 

You're right to point out these historical facts about Nigeria independence; but these are just the de jure independence—by law independence—but I'm talking about the de facto economic trap the British people setup in place in the guise of handling"independence". Nigeria and most Africans are not truly independent; just like Burkina Faso, we are experiencing what we call "Neo-colonialism":

Neocolonialism is the control by a state (usually, a former colonial power) over another nominally independent state (usually, a former colony) through indirect means. The term neocolonialism was first used after World War II to refer to the continuing dependence of former colonies on foreign countries, but its meaning soon broadened to apply, more generally, to places where it was argued the power of developed countries was used to produce a level of control in some ways comparable to direct colonialism. Some scholars have argued that neocolonialism operates through global economic governance, including international financial institutions and trade regimes, which can influence domestic policy decisions in formally sovereign states through mechanisms such as debt and loan conditionalities

(Source to read more..)


Now, let me carefully explain what is actually happening in Nigeria, and how the British 100 year rule were used to establish a strong hold for this Neo-colonialism.

Now, when the British came to Nigeria, they assessed the people and discovered a subtle power struggle. The north are more gullible and easy to influence compared to the other regions, so they provided a strong support and backing to them. Established a strong military stronghold in that region, and set them up to be the majority in the government. How did they do this:

1) The 1959 rigged election: In 1959, just before the so called "independence" of Nigeria, they inflated the census of the north and gave them majority of the parliamentary seat. And according to the British rule, the higher the parliament, the higher the government power and influence. This inflated numbers gave the northerners power in the government over other regions—if you go into a deeper research, you'll find out more.
(Source (PDF))

2) The Lancaster Agreement: Nnamdi Azikiwe and the other leaders were forced to agree to the conditions attached to the "independence". The British government strategically laid the ground work to make the northerns the majority in terms of government and leadership and stationed their forces in Nigeria to gain a semblance of control. Nnamdi and co. complied with all their underground conditions—the Anglo-Nigeria defense pact—because they were no longer just fighting for his life, but also for Nigeria—unfortunately, it was a facade, false sense of independence.
(Source (PDF)).

3) The Oil extraction trap: Shell is one of the biggest oil companies in Nigeria. The British colonialist gave exclusive right and control to shell to extract and export our oil. This went on for decades even after independence, and the government can't do anything because they're all puppets set in place by the British government.

Shell’s Deep Roots in Nigeria: From Colonialism to Corporate Power
To understand the present crisis, we must examine Shell’s history in Nigeria - a history of exploiting resources and fuelling insecurity.

In the late 19th century, British colonial authorities granted the Royal Niger Company a monopoly over trade, extracting wealth while violently suppressing resistance. After Nigeria was unified under British rule in 1914, the colonial government structured the oil industry to serve British interests, reserving exploration rights exclusively to British companies.

Shell entered Nigeria in the 1930s through Shell D'Arcy (a joint venture with BP), securing exclusive exploration licenses under the 1914 Mineral Oils Ordinance, which granted the British Crown exclusive ownership of all mineral resources.[9] Backed by colonial laws and government support, Shell gradually gained control over Nigeria’s emerging oil industry, culminating in the discovery of commercial oil in Oloibiri in 1956.

This setup maximised profits for the British state and its corporations, while marginalising local communities - laying the foundations for the instability that continues to plague the Niger Delta today. Though Nigeria gained independence in 1960, Western oil interests - especially Shell - retained control.

(Source)

If you want to know more, go read about Harold smiths confession about the British agenda in Nigeria. He did an Interview on Ben TV and also wrote a book titled the Harold Smith story (Read to know more...).




We can all sit here and disagree on things, but if you take your time to do a bit more research on these, there are a lot of sources and research on how the British and other European countries have a strong hold on Nigeria and Africa respectively. It is a sad thing because there is still Neo-colonialism going on, and I'm glad Burkina Faso has decided to break that bond.

[DrBeer]

Who is right and who is wrong? Can you provide arguments in support of your statement, "We are still under British rule; that is why the country is a mess"?

I think that's coming from both sarcasm and Irony. I wouldn't say it's  British rules and slavery, most part of African countries with rich minerals and natural resources are often influenced by world leaders like the British empire and US with candidates they have interests on is and who is going to win the election. So he is literally saying Nigeria was given independent to rule alone but the British people and other western countries didn't let the freedom prosper, they are the reason why the growth is this way.

However, I'm not sure if this is a fact. There is no evidence anywhere that the west influence Nigeria growth and development. The British don't didn't decide on the vault, it's same Nigerian people that do that vote, I don't remember any of the British come to observe the election except for few people from other countries to be a witness on how the process is carried and they don't do anything, they don't influence, that's how things are handle during the election.

Let’s be honest - "external enemies", "shadow government", and similar explanations are just a VERY CONVENIENT WAY to explain problems. I’ll give you a great example from history that I witnessed firsthand: the USSR. There, too, they blamed all their mistakes on the "insidious Western world", the "CIA", anyone but themselves Low wages - blame the White House! A shortage of decent clothes - a conspiracy by the "decaying West", no butter in the stores - "it’s all the CIA’s doing". It’s ridiculous… .
A simple question - you’re in favor of your country’s independence, as are 99.99% of the population, but… somehow, by some miracle, a couple hundred people have taken control of your resources, your government, your financial system, and everything that matters? And who do you choose, whom do you entrust with power? None of you ever voted for those who are currently in power, did you?  

It’s always easier to blame the root of the problems on some external forces.


Legally, 100% of the resources belong to African states. However, in the mining sector (excluding oil and gas), between 80% and 90% of the capital of major mining companies is directly owned by foreign players [Development Reimagined].


By the way, here’s a bit of analysis, it’s interesting:
Distribution of ownership shares of Africa’s natural resources:

1. Oil and gas (hydrocarbons) - ~50% (African countries) to 50% (other countries)

Rank	Country / Block	Share under foreign control	Regions and characteristics of presence (TNCs)
1	🇪🇺 EU countries (France, Italy, etc.)	35% – 40%	Historical leaders. France’s TotalEnergies and Italy’s Eni dominate in West, Central, and North Africa (Libya, Algeria, Nigeria, Angola, Gabon).
2	🇺🇸 United States	20% – 25%	The giants Chevron and ExxonMobil hold strong positions in deepwater production in the Gulf of Guinea (Angola, Nigeria, Equatorial Guinea).
3	🇨🇳 China	15% – 20%	State-owned companies (CNPC, CNOOC, Sinopec) are actively increasing their market share. The main hubs are Angola, Sudan, South Sudan, Chad, and Niger (Trans-Saharan Oil Pipeline).
4	🇬🇧 United Kingdom	10% – 15%	BP and oil and gas companies listed on the LSE maintain a strong presence in Nigeria, Egypt, and the new offshore fields of Senegal and Mauritania.
5	🇷🇺 Russia	~5%	Presence through PJSC Lukoil (projects in the Republic of the Congo, Cameroon, Ghana, and Nigeria) and PJSC Gazprom / Rosneft (Algeria and Egypt).
6	🌍 Others (India, Malaysia, etc.)	~5%	India’s ONGC Videsh and Malaysia’s Petronas hold minor stakes in Sudan, South Sudan, and Mozambique.

2. Solid Minerals and Metals (20%/80%)

Country / Block	Share under foreign control	Key resources and regions of influence	Examples and characteristics of expansion
🇨🇳 China	35% – 40%	Cobalt, copper, lithium, bauxite, gold. (DR Congo, Zimbabwe, Namibia, Guinea)	The undisputed leader. Controls over 50% of cobalt production in the DRC. Actively acquiring lithium mines to support its electric vehicle industry.
🇬🇧 United Kingdom	20%–25%	Diamonds, platinum, coal, gold. (South Africa, Botswana, Tanzania)	Companies listed on the London Stock Exchange (LSE) have historically held assets worth more than $1 trillion. They are leaders in diamond (De Beers) and platinum mining.
🇺🇸🇨🇦🇦🇺 United States, Canada, Australia	15% – 20%	Gold, iron ore, copper, rare earth metals. (Western and Southern Africa)	Giants like Barrick Gold and Rio Tinto dominate gold mining and large-scale infrastructure projects for iron ore extraction.
🇪🇺 EU Countries (France, Belgium)	10%	Uranium, oil, bauxite, manganese. (Niger, Gabon, Congo)	France has traditionally held a strong position in nuclear energy (uranium mining in Niger, although its position is weakening) and oil production.
🇦🇪 UAE and Gulf Countries	5%–7%	Gold, diamonds, logistics hubs. (Sudan, East Africa)	The fastest-growing investor. The UAE serves as the main hub for transshipment and refining of African gold and is actively investing in ports.
🇷🇺🇮🇳🇰🇷 Others (Russia, India, South Korea)	~5%	Diamonds, gold, platinum, rare metals. (Central African Republic, Angola, Zimbabwe)	Russia (through diamond miners and private entities) controls a portion of the assets. South Korea and India are increasing their purchases of rare metals.

....

[Makus]

Nigeria is a country blessed with so many minerals and which crude oil is one of them, how would that be a course to the country? What other countries are praying for, the bad leaders in Nigeria has made it seem that way, Nigeria should be a very rich country just as UAE and rest countries other countries that is swimming in so much crude today. Your politicians are doing so many things so that the citizens wouldn't understand the mass of wealth they're sitting base on rich crude oil soil. That's why insurgency, kidnapping and insecurity is ravaging the country, while they're busy looting the country's crude oil.

When people say that natural resources in Nigeria can also be seen as a curse is because it has only increased the level of greed among the leaders in the country, let's take crude oil as an example, a lot of politicians send try to monopolize this resource and as a result of that it has led to dispute. Only a few people are benefitting from the natural resources and the structure or system of the country keeps on declining, in such a case this is definitely seen as a curse.

[Nalain420]

Natural resources has never been a curse but a blessing and will continue to be a blessing all through human history. The case of Nigeria is not different, crude oil has been a blessing to Nigeria but Nigerians are the ones that made it look as if a curse and a set back and this is not far from human wickedness, greediness and mismanagement that are all taken to be smartness when in real sense it's stupidity. The level of mismanagement and wickedness in Nigeria has made all natural resources a curse to the federation.

Yes before oil exploration and exploitation, agriculture was the bedrock of Nigeria and there is no nation that can do without it, over dependence on other nations for agricultural products will mean unnecessary hardship just as Nigeria is facing it. But the point or question is not about going back to agriculture because every nation needs it and doing that can't happen fully when corruption is the order of doings.

Nigeria needs to reduce corruption from the excellent percentage that it is now to negligible level of nobody is perfect. These will make these oil reserve have an immediate impact on several sectors of which agriculture can't be left behind. Artificial fertilizers are petrochemical products to start with. Some ministries only exist in news and papers so far as Nigeria is consign because their impacts is no where to be found of which ministry of agriculture isn't an exception and this is because of corruption.

Corruption is what left many things not working in Nigeria and eradication of corruption is the answer to a better Nigeria.

It is true that corruption is one of the major problem of Nigerian . That is the reason that they are not getting full benefit from their natural resources. But I don't think that by only removing corruption is going to solve all the problems of them. If the corruption is reduced by any means, then still government need more strong institutions, they need proper accountability for decisions and proper planning,  policies that  are going to create jobs and also that can support local industries. Having natural resources is a huge advantage for any country. These resources alone are not enough to improve the life of the people. And if the economy is being too much dependent on one sector. Another problem is that fighting for the corruption does not mean arresting people after public money is stolen . It should be in such a way creating public fund, that can be tracked and the people who make decisions should be held accountable. The main measure of progress of Nigeria is now, that how much oil they produce. But it also depend on that whether that wealth is being translated into progress or not

[Woodie]

With the current disruption to the OIL movements, Nigeria stepped up it's OIL distribution after being labelled to be low quality and not safe for Europe, but now that these are desperate times it seems Nigeria came to the aid of Europe to supply them with the much needed resource which directly/indirectly helps to run the economy..

And this being a curse not sure about that, unless it's in line with a few benefiting from this natural resource and the government having less much of the stake here..

[Plutomanian]

The discovery of crude oil in Nigeria can be argued as a cause to Nigeria, because before the discovery of crude oil Nigeria was surviving with agriculture and we are doing very well, but the discovery made Nigeria abandon Agriculture and only concentrate on oil, which has hampered the agricultural market in Nigeria. It would have been very good of the government has continued investing in agriculture along side crude oil. The argument that crude oil is a caused to Nigeria can be valid,  because it dis not just affect the agricultural sector,  but it also affect othe sectors. We have other mineral resources,  but the government only concentrate on oil right now, which is really bad for the Nigerian economy.

Crude oil discovery was a blessing to Nigerians but at the same time, it created a hell of a problem for the country. The Nigeria government no longer equal their distribution in agricultural produce but this time they solely depend on crude oil, although it selled for decades but we know how the International market works,not every product is expected to be sold forever, there ought to be a change in produce.

The government neglected agriculture and today the citizens are suffering from job unemployment and who knows if the government found a way to keep both the crude oil and agriculture trading swiftly, there could have been balance in manufacturing industries, and other sectors that would have strengthen the country's economy.