Information made public by the United States (U.S.) government on earnings by members of the Organisation of Petroleum Exporting Countries (OPEC) for 2007 has placed Nigeria fourth on the ladder with a total income of $55 billion.
The amount, the report noted, did not translate into improved standards of living for the citizens as their plight remained deplorable with a mere $409 as per capita income.
With the figure, Nigeria emerged the fourth highest revenue earner among OPEC countries coming behind Saudi Arabia, which earned $189 billion, United Arab Emirates (UAE), which made $63 billion and Iran's $57 billion.
Although Nigeria featured prominently among the four leading nations in OPEC in terms of oil export revenues, the country lagged behind significantly in per capita distribution.
But the rise of the oil prices in the international market above $100 is being attributed to several factors such as the lingering crisis in the Niger Delta region.
Though Nigeria produced the fourth most oil out of all of the OPEC countries, the per capita income of all of the OPEC countries is close to $400. Obviously the oil profits are going elsewhere. The oil prices will continue to rise for the remainder of the world due in part to the problems in the Niger Delta. This article further exemplified how oxymoronic the financial status of Nigeria is.
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