The Nigeria Economy has been distabilized due to the downfall of crude oil in the world market.
The crude oil which is the main mineral resources that Nigeria rely on for generating income since years back.
About 10 years ago, Nigerians have been suffering to get petrol at a cheap prize.
In 2010 during the regime of Goodluck Ebele Jonathan more than 40% of Nigeria citizen protested against the removal of subsidy from crude oil which makes it price inflate since then.
Presently, in 2023 Nigeria are suffering more than how they suffered in 2010 to get fuel due to its scarcity and expensive price to get it.
This is causing a lot of injury to the market of the people because the cost of transportation has been affected.
Furthermore, Nigeria government are paying huge amount of money to export our crude oil for refining in another country, same large amount of money when importing it back just because the big boy Nigeria can’t maintain our old refineries or build a new one.
Meanwhile a single citizen built a refinery.
The Dangote Refinery is an oil refinery owned by Aliko Dangote that will be inaugurated before the end of the first quarter of 2023 in Lekki, Nigeria.
When in full operation, it is expected to have the capacity to process about 650,000 barrels per day of crude oil, making it the largest single-train refinery in the world. The investment is over 25 billion US dollars.
However, the 4 refineries owned by Nigeria might also serve as another means of providing job opportunity for those who are not employed and at the same time serve as the means of generating income if it’ll be maintained.
It is now the right time for Nigeria leaders/government to look for another means that could be rely on as their main resources to be generating income for the betterment of Nigeria and her people at large. For instance, if the agriculture sector is been well organized and maintained it will make things easier because Nigeria is blessed with fertile lands for planting and cropping.
The sport sector is another means that could stabilize the economy of the country because almost all youth are interested in sport even some adults too. Sport such as footballing, table tennis, hockey, basket ball among other. More so, some of the advanced countries such as Britain, America, Spain also makes sport as one of their major ways of generating revenue.
By :Yohanna Abigail Florish A Student Of I-con Universal Polytechnic, Osogbo.
