Akon, Nigeria could be a global powerhouse with oil revenue

Akon claims Nigeria would be a global economic powerhouse if it had retained 100% of its oil revenues since independence

Senegalese-American singer Akon has sparked conversation with bold claims about Nigeria’s economic potential, arguing that the country could have become a global powerhouse had it retained all its oil revenues since independence in 1960.

Also read: AFRIMA 2025 Nominees List Breaks Record

In a recent Instagram post, the music mogul speculated that Nigeria’s decision to allow multinational corporations like Shell and Exxon to take a share of its oil wealth prevented it from becoming the world’s financial center.

“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 went on to outline a vision in which Nigerian universities lead global innovation, Nollywood dominates international entertainment, and major corporations relocate to Abuja.

He suggested that Nigerian passports could be more valuable than American ones and that Africa could have retained its talent instead of experiencing widespread 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.

Also read: Tomeka Thiam Files for Divorce from Akon After 29 Years

Akon’s commentary highlights the lost economic opportunities tied to Nigeria’s resource management, resonating with broader debates on how African nations could leverage their natural resources for sustainable growth.