$400 Billion of Nigeria’s Oil Revenue Reported Stolen

It has been reported that an estimated $400 billion of Nigeria’s oil revenue has been stolen or unaccounted for since the country’s independence in 1960.

Speaking at the 52nd Annual General Meeting (AGM) of the Nigerian Bar Association (NBA) taking place in Abuja, Former World Bank Vice President for Africa, Dr. Oby Ezekwesili stated that although oil accounted for 90 percent of Nigeria’s exports, one percent of the population procured more than 80 percent of that amount. 

She declared that the fight against corruption must now go beyond the efforts of the government as poor governance and management of resources is worsening at every level in Nigeria.

She further noted that according to the Global Financial Integrity, Africa lost an estimated $854 billion in illicit financial outlaws between 1970 and 2008.  She also credits this to corruption and calls on civic society organizations and other non-state actors to take part in making budgeting more open and also to hold leaders more accountable.

Share your thoughts? What is your take on this? Who is to blame? What strategies or methods can be set in place to lower the level of corruption in Nigeria and other parts of Africa?