Massive theft "involves crooked politicians, security forces, oil industry personnel and oil traders....Officials and private actors disguise theft through manipulation of meters and shipping documents....Proceeds are laundered through banks and businesses in African states, as well as the U.S., Britain, Switzerland, India, Singapore and the Persian Gulf."...
10/18/13, "Nigeria's booming oil theft racket costs $1B a month," upi.org, Port Harcourt, Nigeria
Dutch Shell is selling off four of its onshore Nigerian oil blocks
because of the constant theft of large volumes oil from its pipelines,
"Current estimates are that more than $1 billion of oil per month is
stolen from the Niger Delta fields and corruption remains endemic even
under well-meaning President Goodluck Jonathan. Nigeria ranks 133rd on
the World Bank’s Ease of Doing Business Index and 143rd on Transparency
International’s Corruption Perceptions Index. True, high oil prices
reversed 40 years of decline in living standards through 2000. And while
GDP growth is slowing, it’s still expected to run at 6 percent to 7
percent this year. But with inflation in double digits and government
expenditure budgeted to exceed revenue by 31 percent in 2012, Nigeria’s
situation is unstable."
Half of Nigeria's oil revenue has disappeared via theft and corruption:
April 2009, "Has globalization failed in Nigeria?" Yale.edu, Michael Watts
"Since 1960, over $600 billion in oil revenues has flowed into Nigeria’s
coffers; it represents an opportunity unavailable to much of the
developing world. These petrodollars could have been spent
productively, could have transformed agriculture, laid the foundation
for an effective public education system, provided much-needed
infrastructure. Yet, according to the World Bank, of that $600 billion,
$300 billion has simply disappeared into overseas bank accounts through
theft and corruption."...
"Public office is so lucrative that
people will kill to get it. Nigeria has 36 state governors, 31 of whom
are under federal investigation for corruption."
8/8/2013, "A country so corrupt it would be better to burn our aid money," UK Daily Mail, Michael Burleigh
not quite the most corrupt country on earth. But according to
Transparency International, which monitors international financial
corruption, it is not far off — coming a shameful 172nd worst among the
215 nations surveyed. Only countries as dysfunctional, derelict and downright dangerous as Haiti or the Congo are more corrupt.
theory, Nigeria’s 170 million-strong population should be prospering in
a country that in recent years has launched four satellites into space
and now has a burgeoning space programme.
Moreover, Nigeria is sitting on crude
oil reserves estimated at 35 billion barrels (enough to fuel the entire
world for more than a year), not to mention 100 trillion cubic feet of
manages to pay its legislators the highest salaries in the world, with a
basic wage of £122,000, nearly double what British MPs earn and many
hundreds of times that of the country’s ordinary citizens.
No wonder the ruling elite can afford
luxury homes in London or Paris, and top-end cars that, across West
Africa, have led to the sobriquet ‘Wabenzi’, or people of the
Yet 70 per
cent of Nigerians live below the poverty line of £1.29 a day, struggling
with a failing infrastructure and chronic fuel shortages because of a
lack of petrol refining capacity, even though their country produces
more crude oil than Texas.
And that poverty is not for want of assistance from the wider world.
Since gaining its independence in
1960, Nigeria has received $400 billion (£257 billion) in aid — six
times what the U.S. pumped into reconstructing the whole of Western
Europe after World War II.
suffers from what economists call the ‘resource curse’ — the paradox
that developing countries with an abundance of natural reserves tend to
enjoy worse economic growth than countries without minerals and fuels.
huge flow of oil wealth means the government does not rely on taxpayers
for its income, so does not have to answer to the people — a situation
that fosters rampant corruption and economic sclerosis because there is
no investment in infrastructure as the country’s leaders cream off its
the appalling levels of corruption in that nation, this largesse is
utterly sickening — for the money will only be recycled into bank
accounts in the Channel Islands or Switzerland.
Frankly, we might as well flush our cash away or burn it for all the good it’s doing for ordinary Nigerians."
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