Why oil-rich Nigeria has trouble exploiting its wealth | DW News

Nigeria and its oil wealth is a complicated story. The west African nation is the continent's biggest oil producer, and it ranks eleventh in global terms.But it has a hard time attracting foreign investment - prompting President Muhammadu Buhari to free Nigeria's state-owned oil firm from state control earlier this month.Oil accounts for 90 percent of Nigeria's exports but it's had problems exploiting that wealth of crude - producing well under its daily OPEC quota.It's estimated that about a tenth of the oil pumped ends up stolen: In the first quarter of 2022 that was crude worth a billion dollars. Where it ends up is a dirty business. Illegal refineries mark Nigeria's oil-rich Niger Delta. Dirty and dangerous: Back in April, an refinery exploded, killing more than a hundred people. The government is cracking down on illegal refineries. But when DW correspondent Flourish Chukwurah visited the Niger Delta, she found that the problem is far from over. Subscribe: https://www.youtube.com/user/deutsche... For more news go to: http://www.dw.com/en/ Follow DW on social media: ►Facebook:   / deutschewellenews   ►Twitter:   / dwnews   ►Instagram:   / dwnews   Für Videos in deutscher Sprache besuchen Sie:    / dwdeutsch   #Nigeria #Oil #OPEC