An important reason for the increase in poverty in Nigeria: the income from the oil business has been misused for decades to subsidize petrol and electricity.
(Photo: Afolabi Sotunde)
Cape Town A few weeks before the landmark parliamentary and presidential elections, Nigeria has to cope with another severe setback: After the oil producers Exxon, Shell and Total had previously announced a total withdrawal or dismantling of their often decades-long presence in the West African oil state, according to the Reuters news agency, those there are also considering it Norwegian oil company Equinor, active for 30 years, to leave.
The company plans to sell its stake in an oil field off the Nigerian coast. Experts estimate the possible proceeds from this at up to one billion dollars.
So far, the company is entitled to 25,000 barrels per day from the Agbami oil field, which is managed by the US company Chevron. However, the production volume there has recently declined sharply. Between 2019 and 2020 alone, the amount fell by around 20 percent. Officially, most of the corporations explain their withdrawal from the most populous country in Africa by wanting to turn their attention to more lucrative oil wells in other regions of the world in the future.
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