If Nigeria has so much oil, why are they so poor?

Shurhabil

New member
Nigeria is the top oil and gas producer in Africa. The World Bank states that the oil-rich country is one of the world’s fastest developing countries and Africa's biggest economy. The petroleum industry in Nigeria is booming, with an overall increase in oil export; amounting to 98% of the economical wealth of the country.
Yet, extreme poverty is still incredibly rampant. Actually, no… Not just rampant, it's institutional.
Nigeria has approximately 87 million people living in extreme poverty. That's 87 out of the 180 million populating the country.
It's paradoxically inconcievable how wealth and poverty have a stark contrast.
 
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