* Nigeria produces 2.7m barrels a day
* 400,000 barrels of oil a day were stolen in April 2012
* $400bn of Nigeria’s oil revenue has been stolen or misplaced since independence in 1960
* Its 4 refineries work far below capacity, forcing Nigeria to import most of its fuel
* Government subsidies for petrol cost $16bn in 2011
* Fraud of $6.8bn has been exposed over a subsidy for petrol imports
* Pipeline sabotage accounts for more than 50% of the oil spills in Nigeria’s oil producing delta.
Regulatory uncertainty has assisted in making Nigeria’s oil industry stagnant – output is the same as it was a decade ago. However the major concern is that all this oil wealth should have benefited the population but the majority of them still live on less than $2 per day.