The Oil Paradox Of Nigeria
The thriller of the Nigerian oil paradox is still a shock to many within the worldwide community. There’s a latest saying that Nigeria is the petrochemical investment gulf coast only country in the world, which imports what she has and exports what she would not have. Nigeria as we speak is the world’s 6 th largest producer of crude oil and the 2nd largest supplier to the United States of America . Yet, the value of petrol, diesel and other petroleum products continue to rise.
The wealth related to oil export continues to elude majority of the citizens. While electricity provide is dwindling drastically, infrastructure is breaking down at a quick pace, even when they’re been changed. But, the country continues to reap extra revenue petrochemical investment gulf coast from the export of crude oil, which is getting costlier increasingly in the international market due to huge demands from expanding economies like China and India . As demand for oil grows in the West and reserves dwindle in Europe and the United States , power companies have gone further afield, searching for oil in petrochemical investment gulf coast developing international locations and increasingly underneath thousands of metres of ocean.
They are sometimes welcomed warmly as poor international locations like Nigeria lack the capital and know-how to develop their Fawley own assets. In Nigeria , the power crisis continues to worsen regardless of authorities efforts at renovating the nation’s energy generating plants. Most of the power generating plants in the nation are thermal gasoline stations which run on pure gas, a by-product of petroleum, which the nation has in giant quantities. Not too long ago, Nigeria ‘s energy generation has decreased from the meager three,000 megawatts to a worse and alarming 2500 megawatts.
Now, Lagos receives 450 megawatts as against 800 megawatts last year. These figures portend grievous implications to infrastructural improvement and social effectively being. Yet, Nigeria still supplies electricity to Togo , Benin republic, and Ghana . In Nigeria , per capita income of $270 a yr is decrease than when oil was discovered within the 1950s. Since 1999, Nigeria has been making an attempt to get well up to $three billion that disappeared in the course of the four-and-a-half 12 months rule of former president Sani Abacha.
Bloody clashes erupt regularly close to the oilfields in the Niger delta as tribes battle over scarce income and jobs. Of the three main refineries within the nation, none could be stated to be functioning at optimum capacity. Because of this the major share of petroleum products, offered in Nigeria are refined outdoors the country. Many people wonder why a country rich in natural sources might still be this poor.