Nigeria's Oil Wells May Dry Up in 41 Years, Expert Warns

12 December 2012

An economic expert has warned Nigerian government to intensify efforts in diversifying the economy into non-oil economy rather than depending wholly on crude oil, which could dry up in 41 years.

In his paper titled: 'Product Space and Export Competitiveness' at the 4th Economic Policy And Fiscal Strategy Seminar in Abuja, organised by Center for the Study of the Economies of Africa (CSEA), a Director at the Center for International Development, Harvard University, Professor Ricardo Hausmann expressed regret that countries that have more crude oil than Nigeria were more diversified than Nigeria.

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