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.
Follow @SwaggedNerd
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.