Nigeria’s oil: A desperate need for reform | The Economist
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Oct 20th 2012 | LAGOS | from the print edition
❝But the wealth still isn’t gurgling down
IN AUGUST Nigeria announced that oil production had reached a record 2.7m barrels a day but few experts believed it. Oil is also being stolen at a record rate and traders’ figures show output at well below the government’s figures. Information about Africa’s biggest oil industry is an opaque myriad of numbers. No one knows which ones are accurate; no one knows how much oil Nigeria actually produces. If there were an authoritative figure, the truly horrifying scope of corruption would be exposed.
The finance minister, Ngozi Okonjo-Iweala, a genuine reformer, has estimated that 400,000 barrels of oil a day were stolen in April. But different government ministries give conflicting figures on how much oil Nigeria is producing, suggesting that they cannot agree or they just do not know. Nigeria could measure how much it produces, say experts: it has some of the most advanced technology in the world to do so, but chooses not to.
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