Nigeria: Oil Price Crisis - Nigeria's Golden Opportunity

opinion

Nwobodo Chidiebere,a public affairs commentator based in Abuja, is of the view that the present fall in oil price, provides an opportunity to diversify the economy and review the bogus size of government...

Ronald W. Ragan, in his inaugural address as 40th President of the United States of America, defined the then economic crisis being faced by the US as "an economic affliction of great proportions". "We suffer from the longest and one of the worst sustained inflations in our national history", Ragan called it. "For decades we piled deficits upon deficits, mortgaging our future and our children's future for the temporal convenience of the present. To continue this long trend is to guarantee tremendous social, cultural, political, and economic upheavals". The mind-illuminating words of Ragan captured what the quintessential Deputy Senate President, Senator Ike Ekweremadu, had in a mind when he called for the review of Nigeria's "feeding bottle federalism", where the thirty-six states of the federation congregate in Abuja at the end of the month to suck from the proverbial feeding bottle--crude oil revenue.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.