Nigeria's Oil Is Almost A Curse, We Exported Crude With No Refinery Until Dangote Came - Former Obasanjo Aide Slams Nigeria's Oil Management

Global Affairs Analyst and former Aide to former Nigerian President Olusegun Obasanjo, Dr. Agbai Eke Agbai, has described crude oil as almost a curse rather than a blessing for Nigeria due to poor management.

Speaking on Rainbow Radio 87.5FM's Frontline Morning Show hosted by Kwabena Agyapong, Dr. Agbai contrasted Nigeria's handling of its oil resources with Ghana's handling of its gold through the Ghana Gold Board (GoldBod).

While praising Ghana for using GoldBod to take control of its gold to back the cedi and build reserves, he lamented that Nigeria has failed to add value to its crude.

"How can you just be exporting your crude with no refinery until Dangote came on board?" he questioned.

According to him, even after the Dangote Refinery came on stream to refine locally, authorities are frustrating the effort by selling crude to the refinery in dollars.

"And even with Dangote coming on board they are still selling to him in dollars because they want to sabotage it, they want to frustrate him," Dr. Agbai said.

He noted that Ghana has managed to de-dollarize its economy by taking control of its own gold, channeling gold that previously went through untraceable routes into the formal system to support the currency.

"What your President has done is to de-dollarize it. We own gold, it's going to be controlled by Ghana for the development of Ghana and to back up our foreign currency," he stated.

Dr. Agbai said Ghana's model, where the Gold Board has eliminated exploitation and stabilized the cedi between GH¢10.5 and GH¢12, should be a lesson for Nigeria, which continues to struggle to make its oil wealth translate into currency stability and real development.