A Crisis Too Good to Waste

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Nigeria is currently living through a peculiarparadox. The ongoing episode of high prices of crude oil has not translated to the usual oil boom for Nigeria, one of the world’s leading oil producers.As the poster-boy of the counterintuitive ailment called the paradox of plenty, Nigeria is not strange to paradoxes. But this is different and quite rich.

Oil-producing countries are usually flush with petrodollars during oil price spikes. Some of them may fritter away the windfalls and they usually come to an assured grief when oil prices eventually tank. But they don’t gnash their teeth through the boom. This has been the pattern, even for Nigeria. Until now.

According to one of the two reports on Nigeria released by the World Bank in Abuja on Thursday, the price of crude oil has increased by over 150% between 2020 and 2022. Yet, Nigeria’s net oil revenue is expected to decline by about 20% from N2.97 trillion in 2020, a year of significantly low oil prices due to low…



Source: Thisday Newspaper