‘It’s time to diversify away from oil’
Austin Okere is the Founder of CWG Plc, the largest ICT company on the Nigerian Stock Exchange as well as the Ausso Leadership Academy focused on Business and Entrepreneurial Mentorship. He shares his perspective on how Nigeria can survive without oil. Excerpts:
Depending on which expert you talk to, and the perceived direction of the Chinese economy, you get three different views; a school of thought holds that the price of oil may be far from the top but closer to the bottom, while others believe that oil price will bottom out at about $20 per barrel. Yet another group holds that Oil price has reached equilibrium and will oscillate between $40 and $45 per barrel.
I listened to an expert at a recent forum argue very eloquently against the widely touted 850 million barrel excess crude inventory. Based on the data he and his firm have meticulously collected, he believes that the excess supply cannot be more than a quarter of the touted figure. This means that the glut is overstated by 600 million barrels.
These threats to oil do not seem practical on a meaningful scale in the near to medium term. The example in Germany seems to buttress the fact that renewables may not make sense in Europe and other cold climes, and that they can only be achieved with very steep and unsustainable subsidies. It is reported that Germany, the poster boy for renewables has so far invested about $500b on wind and solar energy. And yet renewables account for only 3.
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