Nigeria the largest economy in Africa is officially a very poor country with or without corruption, a major cause of this is the under productive population and over dependency on crude oil.
Nigeria depends heavily on crude oil as it's major source of income, while the money is large ordinarily, it amounts to nothing when divided across our 200million plus population.
Recently the NNPC declared how much revenue is earned from the sale of crude oil with the country earning a whooping $206billion in 5 years!
Ordinarily 206billion is a huge sum but for a population of about 200million, the money is small change even for one year, talk more of 5 years.
Let's do the maths.
$206,000,000,000÷200,000,000 = $1030.
Convert the amount to Naira for better understanding.
1030*360= 370,800(using the most stable exchange rate in the past 5years)
On the average a citizen earns about 370,000 for the past 5 years, amounting to
370,000÷60= 6000 approximately every month?
How you earn your money is circled around the above maths.
You earn much higher, someone is earning much lesser, you earn slightly higher, someone is earning slightly lesser.
It all circles around this theory.
Although oil is not the only source of income but it contributes more than half of the economy income. A reason why the rise and fall in price plunges us in and out of recession.
Content created and supplied by: Majesty524 (via Opera News )
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