The World Bank says Nigeria is at a crossroads in a special Growth Employment and Markets in States (GEMS) Project report.


The country can choose to tackle the distortions that have reduced incentives for investment and productive activity and move towards sustainable and diversified growth. It can also build on islands of success and promising cluster initiatives and enclaves that can then pull along the rest of the economy (successfully achieved in China and India) or it can ignore the reform imperatives and pay the price of having a highly distorted, rentier economy, once oil prices fall.

. . . . once oil prices fall

Who are these people trying to fool - Long term oil prices will only go up.

(or at least until the electric car enters the mass market)

Orikinla:

once oil prices fall.[/i]

Green Energy is BOUND to replace crude oil based energy, its only a matter of time now.

When that happens, the disgraceful oil bond that has kept Nigeria together will degenerate . . .and Nigeria will naturally disintegrate.

And how long do you think that is going to take? At least several decades in my opinion.

quid:

Green Energy is BOUND to replace crude oil based energy, its only a matter of time now.

When that happens, the disgraceful oil bond that has kept Nigeria together will degenerate . . .and Nigeria will naturally disintegrate.

Obviously removal of subsidies (as we currently have it) is one of the targets of this report. . . And I support it.

On the other hand, Green or yellow, oil & gas will still play a key role in the next 100 years and I don't see oil prices crashing in the next 50 years simply because of the demand in the emerging economies. Green remains very expensive for now and will take a long time to develop and replace existing systems.

Who said the oil is still going to be there in fifty years?Oil is the residue of  billions of years of accumulated carbon materials that runs out with time as a result of man's destructive escapades,destroying himself to live.

My good friend, take this as the words of an expert: Oil will still be here in 200 years! It will only be more expensive and difficult to extract. We still have a long way to go.

How did you get your analysis?I bet you mean bits and pieces,here and there,like oasis in the desert.At the peak,we can't make good use of it,talk less of when it is dry.

Oil is suppose to power us while it last but it seems to have kept us in darkness,powerless.

I don't think oil prices will fall either (at least in the long run.) China and India are still industrializing. As this happens, they'll demand more and more energy.

Most of these green technologies aren't very effective. Either they are too expensive (e.g., solar), or just don't provide enough energy (wind.)

At the end of the day, burning the remains of dead dinosaurs (probably not the correct technical description, but whatever) is the best way to generate energy, at least for now.