Where Does Nigeria’s Wealth Go? - by Pius Okaneme

Nigeria’s economy was recently rated the biggest in Africa, surpassing that of South Africa. So far, the richness of the country has no semblance on the life of the ordinary citizen. At least, South Africans, in comparison, can boast of steady power supply whether rich or poor. Also like a pauper salivating at a banquet table, he watches the rich and powerful lavish Nigeria’s wealth.

The silent killer of Nigeria’s economy is the siphoning of the nation’s wealth to foreign shores by the privileged ones. This is sabotage, as the wealth that should have been used to build a strong Nigerian economy is transferred overseas to the advantage of the host country.


Nigeria generates billions of dollars in crude oil trade yearly. Somewhere between the oil shores and the foreign banks, the financial leakages begin. The leaders collude with foreign interests and nationals to siphon Nigerian oil revenue to private bank accounts. One can logically assert that the revenue due Nigeria is not diligently applied to better the lots of the generality of the citizens. Else, an infusion of billions of dollars yearly into the national treasury ought to yield a better growth of the economy and improve the life of the masses.

One hears of billions of naira contracts the government awards regularly for various projects like power supply, road and bridge constructions, education and health services and other infrastructural developments. If these projects are properly executed, one will be singing of a Nigeria where riches are rolling on wheels. Rather, the leaders and their cohorts share the money for the projects like a booty. They assumedly award the contracts to groups whom in collaboration flush the money out of the country to be secured for them.

Imagine that all the crude oil revenue from foreign transactions flows back into the country, and stays, one can be sure the shores will be brimming with hope. The economic theory of velocity of money will trigger the circulation through the economy and real growth will be gained. One feels like lamenting: Do not steal, if you do, be patriotic and invest in Nigeria.

The level of ignorance that will allow one to throw away his birthright must be a curse. No foreign country will treat one like his. The wealth of Nigeria should be used to make living in the country the envy of the world. It is a crime against the land, and the land will mete a just load according to Igbo lore. Return the stolen money.