Actually, this is not the time for Nigeria and other OPEC countries to mourn over crude oil price devaluation, it is a time for them to be very proactive in diversifying their economies. Peak demand for oil as been predicted long before now and the world is currently experiencing its effect. Truth be told, the demand for oil will see a sharp decline sooner than expected as many countries have began to set deadlines to phase out fossil cars. Knowing that Transportation is the sector with the highest oil consumption, a transition from fossil cars to electric cars (not even hybrid cars) will drastically reduce global oil demand. The major silverlining for electric car demand is a falling price of Lithium-ion batteries and rapid improvement in its technology.
There is no time to mourn over a reduction in oil revenue. In fact it hasnt done Nigeria much good. It has only produced corrupt leaders.Our agricultural sector must be developed, it has much prospects for our economy. Nigeria’s position around the equator offers it important climatic advantage and good vegetation for agriculture. This will also boost rural development and rapidly improve living standards of individuals rather than pomp cash into some corrupt hands.
Whatever economic situation Nigeria finds herself, unless she is disciplined and ruled by disciplined rulers, the wealth of the country would still find its way into investments in Europe and America by the ruling class. The imminent end of crude oil as a sole means of livelihood for Nigeria should spur us to give scholarships to deserving Nigerians to go to China and find out how they did it. They did it in one word DISCIPLINE.
I strongly agree! Discipline is just the underlining factor