Nigeria – Crude oil:Not a renewable resource

According to the views of experts, the Nigerian crude oil reserve is put at 35.3 billion barrels, and that if production continues at the current rate, it will not last more than four decades which is a matter of forty years before it gets dried up. Saudi Arabia, the country with the largest crude oil reserve of 261.9 billion barrels has 66 years in which its oil could get exhausted. Also Iraq with a reserve quantity of 115 billions of barrels still has about 100 years of life span. Kuwait with 101.5 billions of barrels has 100 years of sustainance. In the case of the United Arab Emirate (UAE) having 97.8 billion barrels in its reserve can only carry on in about 97 years time. Iran’s oil reserve is put at 125.8 billion barrels and would cease to flow in about 93 year’s time.
terms of quantity and production life span. The question as to what happens to its economy forty (40) years after inspires a bleak future especially as there will be no more crude oil to rely on thereafter; we implore the present generation of Nigerians and Nigerian governments to begin a redirection of their focus away from the crude oil to renewable resources which are more environmental friendly such as wind, solar and hydro energy which are in abundant supply in Nigeria. They could be harnessed and developed to replace the post-oil-age era after forty years. But by which institutions or machinery would it be realized? One may ask!

The Federal Government established a Center For Eneregy, Research and Development(CERD)at Nsukka and Ile-Ife respectively. The Energy Research and Training Center (ERTC) also in Zaria has been abandoned and allowed to rot away without serving the desired purpose for which it was established. They could help power us electricity for industrial and domestic use.

The availability of crude oil and gas in Nigeria has totally rendered all other viable sectors useless. The crude oil and gas have become the live-wire of the nation’s economy on which the people at all levels of government and politicians rely on for survival.

Vanguard