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.
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