“Despite 60 years of oil exploration and production and massive inflow of rents occasioned by multiple periods of oil boom, Nigeria remains at the bottom in terms of development.”
Investment into Nigeria’s oil and gas sector has suffered the worst decline in the last three years, The Nation has learnt.
The report, which is in two separate volumes of 144-200 pages respectively, gives a global view of the nation’s revenue streams vis-a-vis the challenges facing the sector in both the up and down stream segments of the oil market. Despite a boom in all prices between 2010 and 2014 and significant increases in oil production following a peace deal in the Niger Delta, the proportion of people living below the national poverty line in the country rose from 34.1 between 2000 and 2006 to 46.39 by 2017.
“As shown in this report, civil servants were not paid salaries for long periods, traders lamented over unsold stocks, households groaned under the heavy burden of high food prices and diminished real income, many businesses shut down and workers were laid off, unemployment increased, growth tumbled and the economy reeled. Insecurity, crime and suicide rates increased across the land.
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