EXTRACTION OF CRUDE OIL IN NIGERIA

    Nigeria employed a mono economic strategy,focusing on the extraction of crude oil only, forgetting all other vital sectors of the economy . This indeed was beneficial to the economy while there was still huge demand for Nigerians "golden" oil. This myopic strategy employed by the Nigerian leaders indeed brought about economic growth and development. But this strategy, also brought about the present problem we're facing in Nigeria "The drastic slide in oil price". Now this so called "golden oil " of ours is taking us nowhere or is it?

     According to former Governor of the Central Bank of Nigeria, Prof. Charles Soludo, the current slide in oil price is indeed a blessing in disguise, a great opportunity for the nation to explore and develop other vital sectors of the economy.

    He said "every disappointment is a blessing and I see the drop in the price of oil as a great opportunity for the nation to discover and harness it's rich potential "
Words of wisdom indeed.

The former apex governor stated this at the celebration of the creation of Delta in Asaba.

    Now due to the drop in oil price, the Nigerian leaders are beginning to see the need for other sectors once neglected, bringing about the exploration and development of this sectors such as the manufacturing sector, the Finance and insurance sector, Building construction (infrastructural development) etc. Growth and development In this other sectors serves as a means of hope for Nigeria.

  “A lesson for all of us is that for every loss, there is victory, for every sadness, there is joy, and when you think you’ve lost everything, there is hope".

   We do not have to depend on oil alone because we are a blessed nation, blessed with the finest of natural resources. But do not be mistaken, the importance of the Oil and gas sector cannot be written off. Therefore, the government should do something about the current situation In the economy as we are loosing investors. The economy needs this investors for growth and development purposes, Nigeria needs all the help it can get. So although the current slid is a blessing, it is also national crisis that needs immediate solution.

    The growth and development of other sectors in the economy depends on the oil and gas sector. The government should learn to employ the balanced growth strategy which involves focusing on all sectors equally. The oil and gas sector is a foundation, it pushes and influences other sectors so it cannot be forgotten all because we are focusing on others sectors now. The government should monitor each and every sector in the economy to combact the fall of any as a result of being neglected. This is indeed a solution that could in fact bring balanced economic growth and development, this is an opportunity, a great opportunity for our country Nigeria.

God Bless Nigeria