Nigeria’s Oil Production To End in 41 Years – World Bank

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, on Thursday 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.

Source: Channels News

8 Comments

  • God will give us a replacement.The country,Nigeria,is blessed with abundant human&material resources.Depletion may be proved wrong.A country established on the hill cannot be hidden

  • It is a red alert 2 our government we hv 2 act in time 4 decade is not long…we must heavily invest time & capital into education, technology, mining & agriculture otherwise our leaders will be immortalise with a bad name.

  • Our leaders are so selfish that they actually felt dis oil was gonna be forever shame on dem. May God help dumb nigerians like humanitarian. Do u tink God is foolish like our leaders? Smh.

  • YES I THINK THE CHIEF ECONOMIST IS RIGHT IN THE SENSE THAT WE THE CITIZENS NEVER BENEFITED FROM OUR OWN NATURAL ENDOWMENT…

  • IT TAKES FAILING SPIRIT TO ENVISAGE FAILURE!!! AS GOD LIVETH, AND AS CHRIST JESUS KNEW WHEN THE ALMIGHTY GOD WAS FORMING THE WORLD AND WE ARE ARE JOINT HAIR WITH HIM !!! AS JESUS CHRIST NEVER ALTERED BYE IN ANY BOOK OF LIFE TILL DATE , THE WORDS FINISH IS NOT FOUND IN THE SPIRIT BOOK OF THE ONE WHO IS THE SOURCE OF NIGERIA OIL … RIGHT FROM THE BEGINNING OF THE WORLD TILL DATE WHO CONTRIBUTED WITHIN THE CAPACITY OF TECHNOLOGY TO INCREASE OR DECREASE THE VOLUME OF WATER IN THE OCEAN?? IF THERE IS ONE PERSON IN THE UNIVERSE LET THE PERSON CHALLENGE THIS STATEMENT!!! THEN THERE CAN NEVER BE END IN NIGERIA OIL PRODUCTION.. AS GOD LIVETH , THERE WILL BE MORE DISCOVERY!! THE SPIRIT OF THOSE WHO PROJECT 41 YEARS HAS LIMITATION !!! THE SPIRIT OF THE CREATOR OF ALL MANKIND HAS NO LIMITATION AND SO NIGERIA SOURCE OF OIL HAS NO LIMITATION!! I WILL LIKE TO ASK ALL THE READERS A NOBLE GUESTION?? I WILL HONESTLY APPRECIATE IT IF THERE IS A PERSON WHO DISPUTE THIS STATEMENT!! WHO INSPIRE THOSE WHO BUILD CARS??? ARE THEY ALL LIVING A HOLY LIFE OR LIFE THAT PLEASES THEIR CREATOR?? HAS THE CREATOR REFUSED TO DIS ALLOW THEM IMPROVING ON SHAPE AND OTHER TECH. APPLIED?? SO THE NATURAL ENDOWMENT DO NOT VANISH THAT WAY!!! THOUGH THEY HAVE TO APPLY ECONOMIC PRINCIPLES TO EVERYTHING!!!

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