4. In Nigeria, the solid minerals sector contributes just 0.039% to the economy, manufacturing to the
GDP is less than 4%; exports is less than 5% and per capital income of Africa‘s largest economy is less than
$3,000. If we compare the economy with that of South Africa (which exports apples, ICT products and
services, etc into Nigeria), Morocco (Titus Fish and some of their businesses and industries here); Kenya
(Tea), we will see clearly the weakness of our productive sector and the real causes of our inability to
export.
As an example, an importer of Cocoa beans from Africa made $15 billion last year (a single year) whereas
as a nation, we have not come close to that figure in cocoa exports over the last 10 years. We import Tea
from Kenya but are unable to develop what we have on the Manbilla Plateau in Taraba State.
Exploration of Petroleum started in 1908 and then witnessed a break from 1914 to 1936, the period of the
First World War. On resumption in 1937, crude Oil was finally discovered in 1956 with the first Shipment
from Nigeria in 1958. From 1958 to date, we are still selling over 96% of the Crude and importing the
refined products.
Here are some figures from a research study carried out in 2016 on some OPEC member countries.
Iraq, with a population of 36 million people has a foreign reserve of over $80billion;
Algeria with a population of 40 million, has a foreign reserve of almost $200 billion;
Libya with a population of 6 million has a foreign reserve of $100 billion+;
Qatar, Population: 2 million; Foreign reserve of $60 billion +;
Iran, Population: 80 million; Foreign reserve: $160 billion+;
Nigeria with a population of 180 million, Foreign reserve: $47 billion (as of 2018).
Can we draw the line and agree with ourselves why we are in deficit – importing, importing and importing
without exporting to balance up the figures.
If we look at the OPEC figures or allocations to citizens, two (2) Kuwaitis are entitled to a Barrel of Oil,
fifteen (15) Algerians to one Barrel, ten (10) Angolans to a Barrel and Nigeria with a population close to
200 million, one hundred (100) to a hundred and twenty (120) Nigerians are entitled to a barrel of oil
(currently $70).
In view of this, how much impact on the economy will it have if we refined our crude oil here in Nigeria?
So what should be our next step?
1.
We must reduce our dependence on the west and international donors; we must invest massively
in R & D or human capital development; invest in product development at home for us to compete with
others, rather than just borrowing from the importers of our produce; and we must curtail the urge to
sign all sorts of agreements that are not in line with our foreign policy of 1960 to date. It is a fact that most
of the over 600 agreements this country has today are not ratified by the National Assembly in line with
Sec. 12 of the Constitution.