Riches are not in resources but in the value added to resources.
Nigeria's main export is crude oil and she exports about 2.5m barrels a day. This sells in February 2014 for US$102 a barrel which is about GB£63
If we make a very basic assumption that all Nigeria’s Crude is exported to the United Kingdom in a given year.
From a barrel of Bonny light crude after refining you can get a 73 litres of Petrol, 40 litres of diesel amongst others. In the UK the current average price of Petrol and Diesel is about GB£1.30 so the selling price on a barrel for both is £147 (113 x £1.30) of which £90 (61%) is Tax accrued to the UK Government
In the course of a year assuming all remain equal and the Nigerian government receives all the proceeds for oil. Nigeria will receive £58bn (2.5m x £63 x 365) a year from crude oil and the UK government will receive £82bn (2.5m x £90 x 365) from as revenue in Taxes the same oil that Nigeria produces.
I understand this is a very crude calculation and it does not take into account production costs, costs of sales, fluctuating prices etc but it does illustrate that when it comes to petroleum products, the real profits are in the refined products and ultimately government taxes
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