Nigeria ranks 40th among 58 resources rich nations

Nigeria ranks 40th among 58 natural resources-rich nations in terms of management of the revenues generated from their resources to bring about commensurate development of their citizens, according to US-based Revenue Watch Institute.

RWI's 2013 Resource Governance Index ranking released on Thursday showed Nigeria having 42 overall score, placing it behind 10 other African nations.

"The lives of over a billion citizens could be transformed if their governments managed their oil, gas and minerals in a more open, accountable manner," the group stated in a statement announcing the release of the report on its website on Thursday.

Nigeria came behind 10 African countries, named with their scores as follows, Ghana (63), Liberia (62), Zambia (61),South Africa (56), Morocco (53), Bostwana (47), Gabon (46), Guinea (46), Sierra Leone (46) and Egypt (43).