Venezuela’s Oil Deals Raise Questions About Resource Control and Nigeria’s Sovereignty

Venezuela’s reported oil arrangements have renewed concerns about how resource-rich countries can remain poor while foreign interests benefit from their natural wealth. Claims being circulated mention about 65 billion barrels of oil, possible output of 1.5 million barrels per day and a 25-year arrangement. Using an illustrative oil price of $83 per barrel, 65 billion barrels could have a gross value of roughly $5.4 trillion. A reported $209 billion in state revenue would therefore raise an important question: what share of the value created from Venezuela’s oil will actually remain with Venezuelans? These figures and deal terms need independent verification. The issue also has lessons for Nigeria. We can criticise our leaders and demand accountability without welcoming foreign interference or threats to our sovereignty. Nigeria’s political and economic problems must be solved by Nigerians, with the country’s resources protected for present and future generations. We should be careful about voices that exploit Nigeria’s challenges to undermine the country. Political disagreements should not make us lose sight of our common identity and national interest.

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