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.