“Nigeria, Africa’s most populous country, is in bad shape. It has not shown sensitivity to the impending doomsday.” Nigeria Petrodollars
An economic transition is taking place boldly on a global basis and tragically not many are aware of this process. Modes of production have been largely shaped by the development and transformation of productive forces and those conscious of this historical reality are always well positioned to inherit the emergent status quo. Fossil fuel, for instance, drove much of industrial production in the last century.
Sadly, in this connection, Nigeria, Africa’s most populous country, is in bad shape. It has not shown sensitivity to the impending doomsday. Perhaps, it is totally unaware as its state actors feed fat on the dwindling petrodollars. There was a time that the Americans could bet their life for the Bonny Light, which they dubbed the ‘Sweet Crude’ that served the entire East Coast of America and mopped off about five per cent of the crude consumption from Nigeria.
Since the last two years or thereabouts, Nigeria’s crude sale entered precarious times. Crude load wanders in the wide waters of the Atlantic looking for buyers. Amidst spirally external indebtedness, it is increasingly hard to come to terms with government’s capacity to cope with the impending disaster. It is largely pre-occupied with increasing production capacity and face challenges which former Minister of State for Petroleum Resources, Dr.
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