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.

Posted by Channels Television on October 5, 2012.
http://www.channelstv.com/home/2012/10/05/nigerias-oil-production-ends-in-41-years-world-bank/

Whether the oil production ends in 41 years or not, I think its high time Nigeria diversifies. For how long do we remain a largely based mono economy and subjected to the vagaries of the unstable world oil market. It only shows our leaders are Ĵüڪ† lazy and easily resort to the easy way out Ĵüڪ† to maintain the status quo and largely enrich their pockets with much pecuniary gain.

Yimu yimu, i don't believe it jor. The oil-wells can't dry up at the same time because they were not discovered on the same day.