Nigeria has the potential of becoming a huge economic behemoth. Whoever thinks this will happen within the next 10 years had better rethink his/her stance.
We don’t want to bore you, so we’ll go straight to the point.
Here is a list of our most proximal challenges and cost estimates.
- In other to modernize our physical infrastructure, Nigeria needs $ 1trillion capital injection in a 10 year period.
- If we gather all the monies generated from crude oil sales since 1971 to 2001 in one place, that money cannot fix our infrastructural need.
- To achieve stable electricity supply, Nigeria needs about $40billion in a 5 year span.
- Our educational sector would require an estimated $10 billion in a 5 year span to make sense.
- To have well equipped hospitals, Nigeria will require $20billion minimum.
- Our agriculture sector will require a capital injection $10 billion within the next 5years so as to cut heavy reliance on importation of food.
For your information, average revenue derived from crude oil sales was roughly $21 billion annually for the year’s bracket 1971 to 2001. This is equal to $ 630 billion dollars.
Similarly, average revenue derived from crude oil sales was roughly $60 billion annually for the year’s bracket 2001 to 2015. This is equal to 900 billion dollars.
To sum these, all the monies generated from 1971 to 2015 is equal to $1.53 trillion dollars. All the monies needed to solve our most needs equals $1.08 trillion dollars.
Assuming crude oil sells for $100 a barrel, and we produce 3 million barrels every day. In the next 10 years, we would have earned just $1.08 trillion dollars.
What does these mean? When we factor in our huge population (170 million) into our infrastructural needs such as health care, education, power and social welfare, the picture becomes awful.
In essence what we have earned as national income since oil was discovered combined with all the other sectors cannot meet our basic capital requirement to do anything substantial.
In addition, our poor political institutions does not help matters. To this, add corruption, wastage, militancy and you begin to understand the enormity of our problems.
These problems cannot be solved in the next 30 years! Forget PDP and APC. No political party can solve this problem as presently constituted.
How do we solve this? Individual States must start looking away from the center and seek for ways of generating income.
Nigerians must stop looking at the government and delve into economically viable areas such as agriculture. Depending on oil revenue alone will sink us in 10 years, if nothing is done.