The Giant of Africa and its Lost Oil Revenues

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For a long time, the Republic of South Africa was considered the most developed and stable country in the continent of Africa. With a population exceeding 200 million and a land richly filled with numerous resources, it is clear why Nigeria is considered as the “Giant of Africa.” Being one of the largest producers of oil in the globe, it has seen a major downfall in the oil revenues generated over the years.

In the year 2019, due to an unfortunate turn of events, Nigeria lost around 750 million dollars in it’s oil revenues. It was reported that an immense portion of the crude oil produced was stolen. This resulted in the loss of a significant amount of revenue that could’ve been generated from these oil resources.

Let’s learn more about this country and what it has to offer:

A Diversified Demography

Geographically, Nigeria is one of the largest countries in Africa with an assorted set of cultures and demographics. The highly rich culture of the country will soon overtake the big giants of the west in terms of populations. There’s no shortage of labor, and the labor force is highly competent and diversified.

The youth of Nigeria comprises almost Forty percent of the entire population. Empowering the youth can be Nigeria’s next step to a revolutionary change.

Giving them the freedom and the opportunity to exercise full rights to entrepreneurial activities will help develop the country progressively. The classified demography with several inputs from other cultures can help the economy grow without a doubt.

You might be also interested to read: How Nigeria’s economy is Fighting the Hit Amid Pandemic

Leading Film and Music Industry 

As opposed to the likes of Hollywood and Bollywood, you’re soon going to see “Nollywood” take over the entertainment industry. The “Giant of Africa” consists of a high-end film industry commonly known as Nollywood. Starting from the top-notch filmography to international award-winning actors, this film industry is making its mark globally.

The booming music industry is also becoming the talk of the town. An all-new touch of EDM with catchy music videos are becoming the trend of Nigeria. Nigerian modern music is mixed with a slight touch of tribal tunes, making it funky and cool.

A Corrupted Oil Industry

The Giant of Africa and its Lost Oil Revenues
Photo by: Andrew Holt

In the continent of Africa, Nigeria is the largest manufacturer of oil, but how much do they actually earn from it? Most of the affiliated countries are extracting the king-share of oil from Nigeria without paying accordingly. The absence of a strong legal policy seems to be the root of the downfall of this industry.

Oil is primarily extracted from regions neighboring the Niger Delta. Due to colossal industrialization in those areas, the surrounding habitat is extensively affected. Local corporations are unable to thrive due to the undue influence of the multinational oil companies. In simple words, Nigerians cannot enjoy the revenue generated from their resources in their own land.

You can also read: Top 4 Nigerian Industry Leaders Changing the Way of Business

At the end of the day, Nigeria is a country filled with natural resources, scenic beauty, and loving culture. Despite the challenges it faces, fighting through all the barriers and hurdles, it has strongly stood above to become the “Giant of Africa.”

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