Saturday, October 15, 2011

The Nemesis Called Oil and Gas (1) by Nasir El-Rufai
14 October 2011

Written by Nasir Ahmad El-Rufai    


What went wrong with the dream of Oloibiri? What was the vision of the industry's founding fathers and how did we deviate from it? What can we do to diversify away from our oil-dependency? What reforms do we need to implement to put our oil and gas on a path of growth, indigenisation and maximum benefit to our nation?

As part of our exploration of the real sector in search of employment opportunities for our rapidly increasing and youthful population, for the next couple of weeks, we will analyze the oil and gas sector of the Nigerian economy. The objective is not only to restate its importance in our national lives, but open up the black box of the sector a little bit for our readers to understand this tool for our national development, which has also turned out, so far - to be our nemesis.

This is because most of our problems as a country can be traced to our mismanagement of these two natural resources. And what we do going forward can convert this blessing into a greater curse, or the reverse. Like most things in life, it is about the choices our leaders make today that determine the future of millions.

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