Nigeria’s Ambassador-designate to Mexico, Reno Omokri, has argued that contrary to popular belief, Nigeria is not an oil-rich country, maintaining that the nation’s oil earnings are relatively low when compared to those of several major oil-producing countries.
Omokri made the remarks during an interview on the Honest Bunch Podcast on Sunday while reacting to the widespread perception that Nigeria is wealthy because of its crude oil reserves.
According to him, Nigeria’s oil revenue does not justify the country’s large population and should not be used as evidence that the nation is rich.
“Nigeria is not an oil-rich country. We are a poor country. When you divide Nigeria by our barrels per day, you get about 160 dollars per citizen. That is poverty,” Omokri said.
He compared Nigeria’s earnings with those of other oil-producing nations, noting that Qatar, with a population smaller than that of Ikeja Local Government Area in Lagos State, reportedly generates about $70 billion annually from oil and gas, while Saudi Arabia earns around $450 billion each year with a population of approximately 35 million people.
By contrast, Omokri said Nigeria earns about $36 billion annually from oil despite being Africa’s most populous nation.
The former presidential aide also claimed that Angola is more oil-rich than Nigeria and argued that Nigeria is neither among the world’s top 10 oil-rich countries nor among Africa’s top five in terms of oil wealth.
“Stop saying we are rich; it’s your opinion. Nigeria is not living at her means; we are living beyond our means,” he stated.
Omokri’s comments come amid ongoing debates over Nigeria’s economic challenges, government revenue generation and dependence on crude oil exports despite the country’s vast natural resources.
His remarks have generated reactions on social media, with some users agreeing that Nigeria’s large population significantly reduces the economic impact of its oil earnings, while others argued that the country’s challenges stem more from governance, revenue management and underinvestment in other sectors than from the size of its oil wealth.
