Crude oil as Nigeria’s resource curse

Oct. 14, 2024 - Punch Newspapers

professor Richard Auty coined the concept of resource curse in economics in 1993 in his seminal work. Resource curse or ‘paradox of plenty’ is linked to the failure of citizens in many resource-rich countries like Nigeria to benefit from their natural resources.

Those who could not continue to waste their talents and energy have been migrating to countries that appreciate their skills and resource endowment. The major candidate for this war against survival is crude oil.

The crude oil that served as a source of joy and development for some countries has turned out to be a curse for Nigeria...