"Nigeria’s oil reserves will be depleted in 43 years, the shortest reserve life of any OPEC nation, according to a recent report." Source PPPRA.It appears that Nigeria only has 43 more years to 'enjoy' oil wealth. While this information is enough to send many into a panicked frenzy, the fact that Nigeria's oil has an expiration date in the near future could be a very good thing for the country.
Since the discovery of oil in Olobiri in 1956, Nigeria has arguably experienced an oil curse. It remains a resource laden country that is underdeveloped. For decades, the federal government has relied on oil income to finance the nation. Various non-oil industries like agriculture and textiles have sputtered and died over time. The unjust distribution of oil wealth has resulted in armed Niger Delta militants, some fighting for better treatment of the region's people and others simply using the lack of security for their personal gain. The knowledge that oil will soon become a lost asset could force the government at both state and federal levels to plot out efficient non-oil strategies for development and economic progress for all Nigerians and not just the well-connected. Besides, with the world turning towards 'earth friendly' products as a means of powering and heating the planet, all oil producing countries need to diversify their income-producing 'portfolios', anyway.
To be fair, there are reports that the current administration has big plans to transform the Nigerian economy. Unfortunately, like administrations before this, there is a lot of talk about coming change but limited information on how exactly such government-led change will come about. The Vision 2020 plan continues to be one that many scratch their heads about due to lack of adequate details on what it truly entails. This forces all Nigerians to once again sit back and "siddon look" (look) with no clear understanding of the overall game plan for Nigeria's future. However, the African Finance Corporation, which Soludo has sold as a means to transform Nigeria and indeed the entire African continent into a global financial hub, gives a glimmer of hope in the dark disarray that is government-led plans for the country.
One can only hope that this and other grand schemes will overcome attempts to destroy it from those within and outside Nigeria/Africa. And, all must hope that when that last drop of oil is pumped out of the Nigerian ground 43 or so years from now, the nation, and its people, will be ready with an effective plan to take care of the most populous black country on the planet.
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- Nigerian Power Scandal: Authority Stealing
- Who Will Develop Nigeria?
- Who Will Develop Nigeria Pt. 2