As US oil production now hits 8.5 million BPD, significantly lowering its dependency on imports, White House has brought import from Nigeria to zero for the first time since 1973. Not only that Nigeria is now in the lurch, the development, by the end of trading on Friday, has brought down international market price of oil to a range of 60USD from around 100 USD in September. However US still imports from such OPEC suppliers as Saudi Arabia and non-OPEC like Canada. Thus, particularly, there is a suspicion that cutting oil deal with Nigeria as well as refusal to sell military hardware to Nigeria in what signalled renunciation of a supposed strategic partner in Africa, Nigeria, could have political connotation. But thats not my concern really. My worry is actually the misfortune of a country, accursed with policy makers who find planning too undoable. How can you have oil without planning for buffer measures should there be shock in the international market? What stops us from diversifying the economy? Corruption is an explanation for our woes. But then, another major problem is that our policy makers cant go through mental rigour of coming up with optimal measures to harness other resources to create wealth. One just lies down, distraught by how the government watches without care as bleak future hurtles towards the country.
Posted on: Sat, 20 Dec 2014 22:02:39 +0000
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