This is a sequel to an article entitled "PIB as Panacea for Fuel Crisis" (The Guardian, December 18, 2015, p. 17). It argued that the passage of the Petroleum Industry Bill (PIB) would be a significant step towards permanently ending the country's perennial fuel crisis and the attendant economic problems. Also, that it would boost job creation in the petroleum and related sectors of the economy, and engender economic growth in the face of shrinking income from oil - the country's major revenue earner.
However, it is evident that excessive or near-total reliance on oil has negatively impacted the country's economic stability, especially following the recent sharp drop in the price of the commodity which the country seems unable to influence. This explains the need for a new ameliorative option of developing a knowledge economy.
...