Rethinking Nigeria's Economy- A Future Without Crude Oil.

Rethinking Nigeria's Economy- A Future Without Crude Oil.


Imagine Nigeria without crude oil, meaning a significant reduction in the FAAC allocation sharing among the three tiers of government.

 This scenario would likely lead to a shift in the dynamics of political leadership, where entrepreneurial and visionary-minded individuals would be more prominent in elected offices.

The current crop of political gladiators, who often rely on oil revenue and patronage, might struggle to adapt and thrive in this new landscape. 

As a result, they might become less visible or influential in the political sphere. This hypothetical scenario could potentially lead to a more innovative and forward-thinking approach to governance.


In such a scenario, entrepreneurship could propel a productive Nigeria, where we focus on processing our agro-business and tourism/culture into valuable products and services to power our nation. 


Historically, Nigeria has relied on various regional resources, such as:


1.South West: cocoa, rubber, coffee, cola nut, bananas

2.South East: palm trees, coal etc

3.North: livestock, nuts, beans, vegetables


Each region could develop its unique resources, fostering economic growth and development. This raises the question: is crude oil a blessing or a curse? In my opinion, it has become a barrier to productivity, stifling innovation and entrepreneurship. 

Without the crutch of oil revenue, Nigeria might be forced to tap into its vast human and natural resources, unlocking its true potential.

By diversifying our economy and leveraging our regional strengths, we can create a more sustainable and prosperous future for Nigeria.

 It's time to rethink our reliance on crude oil and explore new avenues for growth and development.


Olubunmi Oluwadare,National Business Development Service Provider (NBDSP)

Founder. 

 www.uni-preneur.com www.getajob.ng 

Email: dudu_arts@yahoo.co.uk 


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