Nigeria and Crude Oil: What God has Joined Together…[Part one]
Let’s start with what diversification is?
Diversification is all the activities geared towards shifting a nation’s economy from one source of income to multiple sources. This is usually achieved by growing other sectors and markets.
Financially, a single source of income cannot sustain an individual in Nigeria. Let alone, a whole nation. But what can we do when the drivers of Nigeria are in a jealous relationship with crude oil. What God has joined together, let no man put asunder.
Alas, an asunder is already coming to the dumb relationship of our leaders with crude oil. Amaka has finally disappointed them. Iyelekem confusion!
Every time we say, 'leave oil!’, they’ll respond with 'diversification is coming’. They have been singing this chorus of diversification since Adam left Eden. They’ll not stop saying it until tomatoes germinate on coconut tree.
With two digit unemployment rate (that will still increase this year), low productivity, and surplus poverty to go round to the masses; 50 years ago was the best take to diversify. But, (in VP voice) we’re where we are because they refused to do it.
They said they’re putting their eggs in one good basket. Now, it’s either the basket has been stolen, or the whole egg has broken, or some people have boiled and eat it.
The glory days of oil are gone. Wise nations have used it judiciously to build other sectors of their economy. In my county, it was aLOOTa continua.
In 1960, our non-oil earnings was 97.3% of our total earnings as a nation. After the discovery and exploration of oil, it went down to 6.4% in 1976. In 1972, our coal mine was doing 341,217 tonnes but it went down to 53,576 in 1983. One decade after, the destiny of our coal mine was destroyed. Maybe it will resurrect tomorrow. Ajaokuta steel mine. Groundnut pyramids. Where are they?
To lean our economic ladder on the wall of crude oil is dangerous. Volatility, depletion, international price shocks and unfavourable quota arrangements are few of the reason it is not sustainable, and will never help us achieve economic stability. Nigeria cannot be prosperous via oil again. Except looters submit their looted funds. The days are gone.
Nigeria came early to the party, very good. But she went to re-do her makeup in the restroom. Unfortunately, she got fucked in the restroom by incompetent cum selfish leaders, corruption and injustice. When she returned from the restroom, it was time for the vote of thanks — the party was about to finish. In Patrick Obahiagbon’s lingua, "It is a pitiable bisma bisma'
I too deh talk. Yes. So, I've listed three sectors we (Nigeria) can leverage on to resurrect our dead nation. If we are serious with diversification, we should really look into those three sectors. I'll talk about it in the part two of this post.
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