From ISAAC ANUMIHE, Abuja
An economic expert, Professor Ricardo Hausmann, yesterday predicted that Nigeria’s crude oil will dry up in 41 years. He has, therefore, advised Nigeria to diversify into non-oil economy, rather than wholly depending on crude oil products. In his paper titled: ‘Product Space and Export Competitiveness’, at the 4th Economic Policy And Fiscal Strategy Seminar in Abuja, organized by Center for the Study of the Economies of Africa (CSEA), Hausmann who is also a Director, Center for International Development, Harvard University, regretted that countries that have more crude oil than Nigeria are more diversified than Nigeria.
He pointed out that there would not be any meaningful development in Nigeria if it does not diversify. For him, the process of development is the process of diversification. According to Hausmann, while the rich countries make more products, the poor ones produce few goods emphasising that Nigeria is the sixth worst country in capital space. Earlier in his welcome address, the Director, CSEA, Dr Ebere Uneze, said that while it is true that real gross domestic product has grown at over six per cent in recent years, the economy cannot be said to be competitive when compared with other emerging economies.
He also noted that Nigeria has been sliding in key indices such as the ‘Ease of Doing Business’ index. Uneze said that a situation where the top 100 non-oil exporters in Nigeria earned about $1.8 billion in the whole of 2010, less than one month of oil revenue is a confirmation of lack of competitiveness of the economy. However, he said, while the non-oil exports to the national treasury is less, Nigeria continues to face challenges arising from leakages from crude oil.
May God not allow our oil to dry off because it is going to be the begining of another fresh trouble.
Let the oil dry so that govt will make use of their brain.
Something must be wrong with the head of the past Nigerian head of state..GEJ sit up.
Eaves dropper, u must be very stupid if u think Nigeria crude oil will never dry up. Have u ever see any good thing that last for ever?. De only thing that will never dry up is sea water n ocean. This is de more reason we should continue to curse our past leaders for destroying nigeria. By de way, why must a country rely or depends solely on her natural resouces? Why can’t that country use his manpower?. All our past leaderts n de present ones should be ashamed of themselves.
I don’t think i would be wrong to say that discovery of crude oil in Nigeria is a curse on us all. Is there any meaningful thing we’ve used de money realised on oil for. We never use it to develop ourselves, intead, that same oil is destroying us daily. Only about 5 to 10 per cent of de whole population benefits directly or indirectly from oil. I remember when we first got our independent, farm products used to earn us about 70 to 80 per cent of our yearly revenues n we live fine then, that was some “era” . With de money that has been made on oil, do we have anything to show for it? . I hope de oil dry up today, tomorrow is too long.
The oil can even dry up now, for all I care.
Don’t lose sleep. The man is not an expert in the Oil and Gas industry. He did not give any empirical evidence or indices that will lead to the oil drying up. We are the experts and can assure you that it will not dry up in 41 years time. Even for anybody to speculate, you need to look at the current reserve and daily production but also note that reserves are being added every year through exploration and appraisal well drilling. The importance of oil may diminish due to the emerging renewal energies but it will not dry up soon. Forget the prophets of doom.
why so long?
even if d crude oil will finish it will take more dan 50yrs by den it will b our offsprings who den will b incharge.ours nation nigeria need a tough 2 b deliver.
Nigerian Oil! Will dry in next fourtyone years. So our leaders can’t thief oil again,my prayers let the Nigerian oil dry by the year( 2015) criminals. GOD WILL FOREVER PUNISH YOU ALL.
Our leaders, both past and present are out to destroy Nigeria. Even Nigerians: you and I do not love this hurriedly amalgamated country. Everyone is on his own. Nobody cares. After hearing this revelation will Goodluck Jonathan, National Assembly, State Governors and you and I care. I am sorry for Nigeria. Cry my beloved country.
May God let the oil dry up, cos we Nigerian dont see anything good in be oil country,only few leaders and their family living big on oil money,more over he bring fight amoung south.west,south-south,south-east and north,who control oil money and be in power. and that may help us split this force nation call nigerian into 5 parts,every part look for somthing else to rule is own country,u will see the north will want to break up, once the south oil dry up in 41 yrs to come, i pray sooner than 41 yrs, to break from Islamic terrorist from the north, who are do or die when come to religion.am a muslim but i can never kill any body simple cos he or she is not muslim, after all am youruba,in any family ,they are mix religion,namely Islam,christianity and tradition belive,that will not make me less love my sister or brother if he or she is not muslim.that people in the northerner nigeria are devil in human skin,they are sick in the head, we are in 2012 not taking us back to 2000 yrs.
The prof is just an economist. He should advice nigeria to go into other sectors to boost the economy. Taking of oil wells drying up is false. Nigerian geophysical group, courtsey of NNPC and other oil firms ,discover oil daily which are not yet untapped. The oil firms r drilling one in every 100 of d wells
Abeg mak d oil no dry finish mak i read my engr. Course finish folow dem chop d greater part of d oil first o
It is imposible,the oil cannot run dry with the existence of atlantic ocean.
This is the analysis of an expert who is an authority in this field. I think we better diversify and embark on more industrialization drive. If gold in the Gold Coast and diamon in Sierria Leon can ‘dry up’ , therefore, oil in Nigeria should not be an exception. Lets work fast!
Abeg make the oil dry now now,make we rest jare