How Nigeria lost $2 trillion, global opportunity – Akon

Senegalese-American singer Aliaune Damala Bouga Time Puru Nacka Lu Lu Lu Badara Akon Thiam, known as Akon,  has shared his views on Nigeria’s economic potential, stating that the country would have been a global powerhouse if it had kept 100% of its oil revenues since independence in 1960.

In a recent Instagram post, the music mogul argued that retaining Nigeria’s oil wealth could have transformed the nation into the world’s financial center, surpassing cities like London and New York.

“What if Nigeria had kept 100% of its oil money since 1960 instead of letting Shell and Exxon take it? We’re talking about two trillion dollars that could have stayed in African hands. Lagos would be the world’s financial capital today, not London or New York,” Akon wrote.

He added that Nigerian universities could have led global innovation, producing the next generation of tech giants, while Nollywood might have dominated the global entertainment industry rather than merely competing with Hollywood.

Akon also painted a picture of a dramatically shifted global landscape, suggesting that major firms would relocate to Abuja, European workers would seek opportunities in Africa, Nigerian passports would become more valuable than American ones, and Africa could have controlled global talent instead of losing it to brain drain.

“The ripple effects would be even more dramatic. One decision in 1960 could have changed everything. Africa controlling its own resources would have reshaped the entire world order. The possibilities are endless but it’s never too late,” he added.