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| Nigeria's Petroleum Minister, Diezani Alison-Madueke |
The global crude industry security watchdog said the money was lost to mismanagement and theft.
According to UK firm, IRN Security, Nigeria has lost $400 billion in oil revenue since its independence in 1960.
The global crude industry security watchdog said the money was lost to mismanagement and theft.
This was contained in a report released by the firm over the weekend, according to New Telegraph.
According to the report, Nigeria has raked in over $600 billion from oil within the same period.
“From the $600 billion in oil revenue that has flowed into the government’s account since the country’s independence in 1960, an estimated $400 billion has been diverted, misspent or stolen,” IRN said.
“However, investors expect the recent Nigerian elections to be a turning point for the oil industry,” it added.
Nigeria produces 2.2 million barrels daily making it Africa’s biggest crude exporter.
