The Oasis Reporters
December 12, 2019
By Ken Agala
Weighing in on the “Nigeria is Oil Rich Debate”, permit me to do a comparative analysis.
I’ve often (thought that) there is something deceitful about Nigeria’s so called oil wealth. We just know we produce oil, but what is our comparative advantage with oil when you take into consideration the number of people the oil money is meant to cater for?
For example, with a population of less than 2 million people, Qatar produces 1,240 barrels of oil per day for 1000 people.
Saudi Arabia produces about 371 barrels per day (bpd) for each 1000 people.
Kuwait produces about 1,100 bpd for each 1000 people.
United Arab Emirates is about 663 bpd, even Angola that we produce more oil than produces 139 bpd for each 1,000 people while Gabon produces 167 bpd for 1000 people.
Nigeria on its part produces 17 barrels per day for each 1000 persons, making her the poorest country in terms of Oil Per Head, far below the OPEC countries average of 371 bpd.
So we can see that the difference between a country like Nigeria and a country like Gabon is the difference between having three cubes of sugar placed in a 1000 litre tank and having one cube of sugar placed in a teacup.
Who has more sugar?
Of course the person with three cubes.
But who enjoys the effect of sugar more?
Definitely the man with one cube in a teacup”.
It is time to refocus our optics and know where we are.