Nigeria’s Resource Wealth Does Not Make It a Rich Country
The debate over restoring fuel subsidies often assumes that Nigeria is wealthy enough to shield citizens from market prices. Former Vice President Atiku Abubakar’s support for a return to subsidies has renewed that argument. Nigeria has oil, gas, gold, lithium, iron ore and other natural resources. However, resource abundance is not the same as national prosperity. Weak productivity, limited wealth creation, tax evasion and costly economic policies have left many Nigerians poor. The central question is whether Nigeria can build sustainable prosperity or continue relying on subsidies and other policies based on an overstated view of its wealth.
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