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| Photo credit: Vanguardngr.com |
Speculations from a Group of World Bank analysis team have it that Nigeria's oil reserve will be depleted in 41 years. This report was presented by the World Bank's chief economist for Africa, Shantayanan Devarajan, last week Thursday, stating that Nigeria and Angola's oil reserve will be depleted in 41 and 21 years respectively.
Nigeria being the largest regional producer can keep supplying at the current level for another 41 years, while the second largest producer which is Angola can only continue for another 21 years before the known reserves are depleted.
Mineral wealth in African countries including Nigeria don't translate to prosperity because the money accruing from it doesn't pass through the citizens, while the citizens don't see the wealth as theirs.
While analyzing the size of the reserves, dependence in this two largest producing countries are likely to continue to the near medium term, while production in newly oil-rich countries like Ghana and Uganda could last for several decades.
(Edited by: Blueblock)
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