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Nigeria’s oil production ends 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, 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.
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5 comments

  1. Little or Small problem to masses and big problem to Nigeria cabal.

    ReplyDelete
  2. Ppl of Nigeria, make Uba siddon dey look o. Ke I don cut out. Dey siddon dey look

    ReplyDelete
  3. Let it even end tomorrow cause for decades that we have it, it have not made any impact on the citizens not even from the states that owns. Its simply making the rich richer and the poor poorer. Maybe the depletion will make the rich to also cry. Good news. Nikky

    ReplyDelete
  4. well u r wrg it wnt end n cnt end,if it end wat will bcom of u n ur family cuz u dnt kw wat 2moro will bring?4get abt wat dey r sayin cuz dey r wrg, Nigeria is bless n oil is 1 of d blessing God gave 2 dz country,so it cnt end n pls dnt d deciv we'v been hearin news lik dz b4,it's nt new.

    ReplyDelete

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