Nigeria’s oil reserve will be depleted in 41 years,
according to a World Bank Group’s twice-yearly analysis of the issues shaping
Africa’s economic prospects called Africa’s pulse. The report which was
presented by the World Bank’s chief economist for Africa, Shantayanan
Devarajan, yesterday said Nigeria’s and Angola’s oil reserves will be depleted
in 41 and 21 years respectively.
“Nigeria, the largest regional producer, can keep
supplying at 2011 levels for another 41 years, while Angola, the second largest
producer in the region, has about 21 years remaining at current production
levels before its known reserves are depleted.
“Given the size of these reserves, it is likely that the
dependence on oil resources in these countries are likely to continue in the
near to medium term. Production in newly oil-rich countries such as Ghana and
Uganda could also last for several years.”
According to the World bank’s chief economist, Mineral
wealth in African countries including Nigeria don’t translate to prosperity
because the money accruing from it doesn’t pass through the citizens, and the
citizens don’t see the wealth as theirs.
What do we do then? Since this bloated economy is built on oil revenues, plus there's no real capital expenditure just recurrent expenditure to fatten the ruling class and impoverish the populace. By the way will I or you still be here?
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