Boss469:


Developed countries are going green

You dey hear dey type two years ago stuff

Shame!!!

Renewable energy would compete with Petroleum mainly because of heavy government spending and private sector investments in that area. Even Norway that champions "going green" has built a sovereign wealth fund mainly from their oil industry revenues. In fact, they are still granting permits for more offshore oil exploration in the North Sea. Renewables will eventually get there, but it would take at least another 100 years of serious investments and innovation. So there's no shame in a country like Nigeria being smart in managing our Petroleum resources, but looting no go gree us.

fubsy:
Fossil fuel close to the exit door. Nigeria needs to rethink its economic strategies. Over-reliance on oil will not do us good eventually.

Over-reliance on oil isn't the problem. The problem is wasteful government spending on the cost of governance, and policies like Sure-P, NYSC, etc. Norway, UAE, Qatar, etc. are smartly using their oil revenues to boost other sectors of their economy without stopping oil production. Our problem is that we are very wasteful when it comes to spending money. That is why we are even taking loans to build roads, but always afford to pay government officials crazy monthly salaries and allowances. Have you ever heard any Senator or Governor say they haven't been paid for 2 months?