₦airaland Forum

When Norway hit oil.

When Norway came upon her oil fortune which is similar in magnitude to Nigeria’s, they decided to continue taxing their people heavily anyway as their neighbors in western Europe are doing. They decided to be saving the oil money in a sovereign wealth fund since to their reasoning, it is not money they worked for and today, the Norwegian sovereign trust fund is one of the largest in the world. Norway’s population is around five million people in 2025.

When Nigeria entered her oil boom, the government shifted to start depending heavily on the oil income and the other sectors of the economy were left alone. In Nigeria, until recently more than eighty five percent of government revenue was derived from oil. It was as if government was not running at all before oil was discovered. Since the finances of the government is not tied to the progress and success of the whole economy, the whole country became a mess and a once thriving country became a shadow of itself. That is the story of Nigeria. Nigeria is over 220 million people in 2025.

When Norway of 5 million people hit oil, they used the money to invest all over the world but when Nigeria of 220 million people hit oil, it became a resource curse.

Nawa oo

Comparing Norway’s population which is around five million people in 2025 to a country with over 227.9 million people is unfair....

Apart from the tribal differences, Oil isn't the problem with Nigeria: resource management and dishonesty is the major issue

RealityKings1:
Comparing Norway’s population which is around five million people in 2025 to a country with over 227.9 million people is unfair....

Oil isn't the problem with Nigeria, resource management and dishonesty is the major issue

What is unfair is the our attitude towards money.

Just like the story that was told of how zenith bank was formed in the early 90s with the sum of 10million while Shina Peters the musician lavished his endorsement money on cars and travelling worth more 10million naira in the same period.

That is the case of Nigeria vs Norway.

You failed to account for Nigerian politics at the time...

The vast majority of Nigerians were living in poverty at the time, now for the leaders to discover oil and then start heavily taxing the citizens in the midst of an oil boom, those leaders are just begging for trouble.

Norway was not a poor undeveloped country before oil was discovered.

ibechris:
What is unfair is the our attitude towards money.

Just like the story that was told of how zenith bank was formed in the early 90s with the sum of 10million while Shina Peters the musician lavished his endorsement money on cars and travelling worth more 10million naira in the same period.

That is the case of Nigeria vs Norway.

Shina Peters was an entertainer. Those cars are also some investment because other artists are allowed to use them in their videos.
Also people assume because you are a musician, you have all the money in the world. Life is not a rap video. Oftentimes most of those endorsement money aren't paid at once, they are just "HYPE"

danvon:
You failed to account for Nigerian politics at the time...

The vast majority of Nigerians were living in poverty at the time, now for the leaders to discover oil and then start heavily taxing the citizens in the midst of an oil boom, those leaders are just begging for trouble.

Norway was not a poor undeveloped country before oil was discovered.

Why it seems Nigerians are living in poverty is the high population growth rate but by and large, our poverty is man made. A Yoruba saying goes bi ounje ba kuro ninu ise, ise buse. Poverty minus hunger is poverty greatly reduced. We have fertile land and to feed ourselves and export too will be straightforward assuming there were real leaders. After you have fed yourselves, the next important things are basic education, healthcare and housing. In the western region as at the fifties, there was free basic education, free healthcare and scholarships for people that qualify for tertiary education. They had it rough in Norway too and till today they have poor people. The point is poverty of the masses is not an excuse as Nigeria was and is still well placed to surmount it.