The situation worsened earlier this year when militants began sabotaging pipelines in the country’s oil-rich Niger Delta. Nigeria is missing $ 17bn in oil , reportedly because it was exported from the country without being properly declared . This marks the latest example of multibillion - dollar fraud directed at the oil industry in Nigeria . Oil exports make up 90 % of Nigeria 's exports and a huge part of its budget ; reliance on oil has dragged its economy into difficult times recently due to falling oil prices , and with the situation being exacerbated by militants sabotaging infrastructure in the Niger Delta . Nigeria says the international oil companies are partly to blame for the missing money ; a number of complaints have been made against several oil majors this year , such as Chevron and Eni , over non - declaration of $ 17 of crude and natural gas exports .
Nigeria is missing $ 17bn in oil , reportedly because it was exported from the country without being properly declared . This marks the latest example of multibillion - dollar fraud directed at the oil industry in Nigeria . Oil exports make up 90 % of Nigeria 's exports and a huge part of its budget ; reliance on oil has dragged its economy into difficult times recently due to falling oil prices , and with the situation being exacerbated by militants sabotaging infrastructure in the Niger Delta . Nigeria says the international oil companies are partly to blame for the missing money ; a number of complaints have been made against several oil majors this year , such as Chevron and Eni , over non - declaration of $ 17 of crude and natural gas exports .