With most part of the world trying to move away from oil to adopt alternative and renewable energy, Nigeria’s future in the post-oil world looks rather bleak, according to SBM Intelligence.
“The federal government of Nigeria remains hopelessly addicted to crude oil revenues, and rather than innovate or truly revolutionise its economic base, the political elite only seems capable of focusing on areas in which some small amounts are already demonstrably available and then increasing taxes in those areas,” SBM said in a special report released on Wednesday.
US currently produces 15 million bpd, just 7 million shy of the combined output of Saudi Arabia and Russia, both second and third respectively in oil production while Nigeria produces 2.32 million bpd, according to the NNPC. However, India’s status as Nigeria’s top energy importer could change with the competition in the energy market.
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