Volvo said that all of the models it introduces from 2019 will be either hybrids or powered solely by batteries – The New York Times For more info
Oil has been truly blackgold for countries such as Nigeria and Angola—Africa’s top oil exporters. It has sustained their economies, accounting for over 90 percent of exports and significant portions of GDP. Yet now this treasure trove has turned into a real headache, largely because of the shale oil and gas boom in the U.S., and of course, the global oil price rout.
Before the shale revolution, Nigeria was exporting around a million barrels daily to the U.S., peaking at 1.3 million bpd in 2006. In July 2014, no Nigerian oil entered the U.S. and the average daily for the year was 58,000 bpd – a minuscule amount compared with the 983,000 bpd from 2010, according to figures from EIA. Last year, Nigerian oil exports to the U.S. averaged 57,000 bpd.
The advantage of this shift to African economies dependent on oil export is that the need for diversification of the oil-dependent economies will take center stage and action taken as soon as possible. Crude oil have been depended upon to generate the foreign exchange for too long at great risk. In fact, since the 1970s, petroleum has become a major source of foreign exchange. Africans celebrate when prices rise and also mourn when prices crash. It is now clear that its too risky to depend totally on petroleum.
African countries should work towards boosting investment in the oil and gas industry and Nigeria can achieve that through the instrumentality of Petroleum Industry Bill, PIB. Immediate and urgent effort should be made to establish proper linkage between the petroleum industry and other sectors of the nation’s economy. For instance, Oil revenue dependent economies should ensure adequate gas is produced and supplied to generate power. Other sources of energy resources should also be developed, especially as these would go a long way to boosting electricity supply in many parts of these countries.
There is a strong relationship between oil and power. Once there is adequate power, other sectors, including manufacturing would witness significant expansion. At present, many manufacturers have complained about low capacity utilization mainly as a result of poor power supply and other factors. In fact, most of them have gone into generating their independent power at higher cost. The cost has been passed in form of high prices to consumers. But once there is stability in power supply, the cost of production would be reduced as investors would not need to generate their independent power. There would also be a reduction in the prices of various goods and services. It also expected that locally produced goods and services would become more competitive in the global market.
This will mark the rise of youth influence and dominance as the diversification will lead to explosion of talents, skills and creativity in many aspects of the economy by the millions of unemployed African youths who are eager to get involved in value added and economically viable opportunities.
The youths are the leaders of today and the future to greatness in Africa and so immediate effort must be made to open up the economies through diversification and infrastructural development which will lead to reduction in the African brain drain and mark an increase in return of youths who are skilled professionals, technocrats and investors back to Africa from around the world where they have gone in search of better standards of living, infrastructural development and job opportunities.
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