Harnessing natural resource wealth for inclusive development in Nigeria: lessons from Norway

Abstract

Questions remain over the determinants of the ‘resource curse’. This paper draws from the literature and provides a succinct review of the factors that influence the resource curse dynamics, using a comparative case study of Nigeria and Norway. Following the literature and applications to the case studies, the success and failure factors in the management and development impacts of natural resource wealth in Nigeria and Norway are highlighted. Sovereign wealth funding, quality of institutions and viable public investment are key distinct success factors for oil wealth management in Norway, relative to Nigeria. Based on these findings, appropriate lessons are drawn for effective oil wealth management in Nigeria.