Nigeria’s oil reserve will be depleted in 41 years, according to a World Bank Group’s twice-yearly analysis of the issues shaping Africa’s economic prospects called Africa’s pulse.

The report which was presented by the World Bank’s chief economist for Africa, Shantayanan Devarajan, on Thursday said Nigeria’s and Angola’s oil reserves will be depleted in 41 and 21 years respectively.

“Nigeria, the largest regional producer, can keep supplying at 2011 levels for another 41 years, while Angola, the second largest producer in the region, has about 21 years remaining at current production levels before its known reserves are depleted.

“Given the size of these reserves, it is likely that the dependence on oil resources in these countries are likely to continue in the near to medium term. Production in newly oil-rich countries such as Ghana and Uganda could also last for several years.”

According to the World bank’s chief economist, Mineral wealth in African countries including Nigeria don’t translate to prosperity because the money accruing from it doesn’t pass through the citizens, and the citizens don’t see the wealth as theirs.

http://www.channelstv.com/home/2012/10/05/nigerias-oil-production-ends-in-41-years-world-bank/

Dem be God..mtchew

wake up call, Nigeria should make the hay while the sun is still shining, like the Yoruba adage says "owuro ni ojo, eni ma ri ire a sheba owuro" which loosely translates to "anyone that would be successful in this life, will work when the sun is still up"

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ULSHERLAN: Dem be God..mtchew

its called Analysis Research and Forecast something you Nigerians don't like to do, and like to assume God will increase the resources, its a methodology required for planning for the future, obviously you didn't think Oil would keep running forever, i for once can't be bothered about the depletion after-all its more of curse than a blessing.

WHOA! great news. where will you be in 41years time? THE LOOTER OR THE LOOTED?

Danger! This is why self employment should be encouraged.We have got to shift our focus from oil to other sectors of the economy like Agriculture.Remember the groundnut pyramids of d north and Cocoa house of Ibadan.Gracias![color=#990000][/color]

WAHALA DEY..LOL

41 years is too far, and may never come in the history of Nigeria. Nigeria may even break up before 41 years.

banom: 41 years is too far, and may never come in the history of Nigeria. Nigeria may even break up before 41 years.

EVEN AT THAT SAVE FOR THE RAINY DAY

Thanks for the heads up. But, methinks planet Earth will no longer exist in 10 years time.

That would be the best thing to happen to Nigeria. That is if there is Nigeria by then. Oil has been the Genesis of our problem

12years ago they said its 30yrs til our reserve is depleted. 12yrs later, its 41yrs! Did they drill d ground and measure barrel by barrel?? Dats how dey'v bin predicting doom 4 our economy and nationhood,yet we stil thrive. Make dm park wel jor.

Atleast that will allow us to look into other areas, especially agriculture.

But is Anambra oil included? There is a guy named chino who will commit suicide because of such news.

:

ULSHERLAN: Dem be God..mtchew

Nah they are not, they just use their God given brains to do research...

Nigeria's many complex problems started with the discovery of oil. This same oil enshrined corruption and blurred the creative vision of the leaders that followed the independence. Necessity they say is the mother of invention...Oil just has to go for people to put on their thinking caps.

Our ingenuity as a people has never come to the fore because of oil.

ULSHERLAN: Dem be God..mtchew

O boy...I sorry for you. The first oild well, Olibiri done dry . So, other will follow. Before that time reach, I go done get the needed experience and simply carry am to another country and begin to explore

@ list we ill go bk 2 ur 4mal tread" slave tread"

ULSHERLAN: Dem be God..mtchew

Former white south African president(Bortha) in his 1985 speech posited that the black man never plans or budgets beyond one year...your statement simply remind me of his speech...you better wake up and smell the coffee.

No matter the forcast or analysis,i beleive that oil is a God given natural resource and He can expand it if He wills.There is also the tendency for oil discovery in Northern Nigeria and so many parts of the country.The only disadvantage i forsee for now is that 41years from now the world dependency on crude oil might have reduced as other form of energy would have been sourced out.Other countries in Africa are beginning to discover oil so the advantage Nigeria has for now will be threatened.

Make the oil finish nah.. I even know if oil dey exist for this country... Abi poor man dey benefit for oil money....

I honestly need some of what these guys smoke.

Granted Nigeria's over dependence on oil is doing this country more harm than good. Other sectors like solid minerals, agriculture, development of natural raw materials, tourism(though not viable yet cos of BH) are suffering underdevelopment cos of oil.

Granted Nigeria's oil and gas reserves will someday run dry.
But putting a peg on 41yrs seem to me to be an ignorant analysis.

At least i know of 6 untapped wells that have a run out date of 150yrs. Do you know how many oil wells that can produce at commercial quantity that hasn't been touched? Are they talking of already producing wells or all of them combined?

What of unexplored areas nko?

Abeg make una free us jare

Na lie o Ogoni oil still dey o

Mr Lee: Na lie o Ogoni oil still dey o

Long throat...Ogoni oil is NOT for you. Sorry, you can't have everything!!

Hey! am an Energy expact. Don't panic my people. No doubt that at the current production rate Our reserve will be depleted at about that stipulated time (though some put it at 30 and others at 50)but we are exploring more energy alternatives eg Gas, ethanol, solar etc and this is global campaign. Soon the demand for petroleum and its products will drop and that will decline production thereby extending its availability further. We are thinking ahead already.

Okija_juju: utter bollocks

When we have untapped reserves offshore..

And even if it's true, we have a shiit load of gas to last over 100 years

Who is "WE"? It's only when you want to steal our resources that you use WE! Last time I checked, you don't live offshore, so who is WE? Sorry but you can't have neither the oil nor gas. After this oil finish, just pack your fishing net or hoe and cutlasss and go the farm.

wake up call 4 Nigerians.I will appreciate it if it dry up 2day,so that their eyes will open.

So world bank job don reach checking underground....? Anyway my advice to every poor man is to work hard now, cos if this happens, they will suffer, this clueless gov't will make Nigeria unliveable, petrol will cost nothing less than #200 per liter, that is if the value of naira still remains the same then. As for me I will not relent in working hard, the final economic colapse must not catch me unprepared.

savcy: 10years ago they said its 30yrs til our reserve is depleted. 12yrs later, its 41yrs! Did they drill d ground and measure barrel by barrel?? Dats how dey'v bin predicting doom 4 our economy and nationhood,yet we stil thrive. Make dm park wel jor.

There is a discipline named reservoir evaluation in petroleum engineering. You might want to Google it. Knowledge is power. Oyinbo don talk am say if u wan hide something from Blackman, hide am for inside book.

The world is already moving to sustainable energy anyway so the oil will become worthless at the end.