At the moment oil is trading at $136.61 a barrel. From the 80's to 2003, oil was trading at less than $25 a barrel. This year, the price of oil has increased sharply  from $100 a barrel on 2 January to a peak of $139.89 on June 16th 2008 before settling at $136.61 today (so far anyway). I don't know about Nigeria, but here in the west there is a lot of talk by consumers about cleaner, cheaper and renewable energy. I am of the belief that in the next ten years (unless there's some kind of miracle), automobile and jet engine manufacturers would have found a cheaper, more efficient and more reliable way to power their automobiles thus reducing dependence on foreign oil from countries like Nigeria. Currently in Nigeria, oil provides 20% of our GDP, 95%(!!!!!!!) of foreign exchange earnings, and about 80%(!!!!!!!) of budgetary revenues. My point is this, with nothing to fall back on in the event of a crash in the oil industry, isn't it time our government tried to diversify our economy. I think in the next ten years, the government should try to reduce our foreign exchange earnings frotm oil to about 40% of the total and encourage more exporting of cash crops like we did in the past. Even if the oil sector doesn't come to a halt, we still stand to gain from a more robust and diversified economy. Another thing I feel needs to be done if the Niger Delta crisis is resolved and we still have relative political stability would be to try to develop our manufacturing sector by providing training and apprenticeships to Nigerians, if we can do this we would become a destination for outsourced production lines which would further boost our economy. Do you thing all this will be possible or is Nigeria doomed. I'm not an economist, I'm an undergraduate mechanical engineering student so I may be speaking complete nonsense but I hope I'm not.

I share your concern bro.
Some experts on the oil industry are of the opinion that Nigerian oil reserves will only last about four decades – five tops. I will look for the source of the info and post it soon.Where do we go from there?

You are not talking nonsense, these are the same questions i've
been asking myself lately

Our Leaders are alwaz looking outward in the name of attracting
foreign investors, ever failing to look inwards in terms of development
of her rich human and material resources

thats true

Nigeria is not doomed, we need the crash to wake up. It is what some of us have been praying for! The starting point is Agriculture, we must be able to feed the nation otherwise other sectors will collapse.

We might do better if we start investing in infrastructure and research. We need more science funds and encouragement for innovators. Problem in Nigeria is that we get comfortable easily. Once we start to make or "steal" some money, we do not care about anything else. A young mechanical engineering student should have something to look forward to in the mining industry. He should be nurtured to think innovation and have the means of achieving it. It is unfortunate that we have many Nigerians teaching in the best schools all over the world, but once in Nigeria, a White laborer will get more respect than he can with the many Illiterates at the helm of power in Nigeria. It is every Nigerians responsibility to create a paradigm shift, and change this 'self-hate' model that permeates our country.

No I don't think so, just going through a transition

https://www.youtube.com/watch?v=HebVrYwh6H4