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.
10 comments:
Lie,lie,i've heard this yrs ago
Bad belle people
God has blessed us abundantly it won't happen
Its time for our govt to wake up,touch on other sectors of our land. Agriculture,manufacturing sectors etc
We are so rich that we don't recognise it,why do you think the whites are bent on our case,they have smelt our wealth yrs back,its pity mismanagement has ruined this great nation.
So sad
If this is true,ds country is finished
Is this for real,Vivien,pls confirm well bf you give us heart attack
41yrs is too close,govt buckle your seat belt and act fast for other options
Its a pity with this our clueless leaders
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