NIGERIA: THERE WAS AN OIL BOOM. BY SULAIMAN KAZEEM

Caveat: Don't expect castles in the air, don't expect flying elephants, there is nothing practically possible that can be done to revive our economy, by the government of the day... Nigeria is currently faced by a monumental financial crises, which no doubt, is as a result of the failure of past administrations to diversify the economy and invest in both infrastructural and human development, when crude oil was sold at a ridiculous high price in the international market. But instead of huge capital investments that would have strengthened our economy and perhaps save us from our rainy days, the money in the Excess Crude Oil Account was shared among the State Governors during the former President Goodluck Jonathan administration, with Governors in the SS/SE taking the Lion share. While the remaining was squandered by unscrupulous elements in the same administration. To make matters worse, the previous administration left a depleted national treasury and an almost empty foreign reserve, with 'a little' to show for it. The reality remains that Nigeria and other affected countries, as members of OPEC has absolutely no control over the price of Crude Oil in the international market. Well, it should interest you that the drastic drop in oil price is at a great advantage to countries who are not members of OPEC, because they get to buy at a reduced price and save up to strengthen other sectors. Dear friends, neither do u need a college degree in Accountancy or Finance, nor do u need a Masters Degree in Economy and business management, to be able to understand and interpret our present financial predicaments. Well, for those who were mute during the last 'Oil boom' but are now clamoring for the diversification of our economy under the President Muhammadu Buhari led administration, you are joking and thus need more enlightenment. How do u diversify an economy, in the absence of the needed 'funds' to fuel other sectors of the economy?. The ongoing 'diversification of the economy', which is obviously biting the masses hard is driven by captains of industries and other 'money bags' in our society, making them richer at the expense of the masses but what do u expect from the present government, when they lack the financial force to drive other sectors of the economy?. Again, the reality is that our economy is crude oil driven, and until the price of Crude Oil rise in international market, the economy will continue to deteriorate, foreign reserve will continue to deplete, job-cut will continue to skyrocket, Sates will continue to owe salaries, infrastructures will continue to fade, prices of goods and services will continue to soar into the sky, and above all poverty will continue to stare at the faces of Nigerians. Unfortunately, the price of crude oil in the international market does not look like one that would rebound anytime soon. Well, you may be of the opinion that the present administration has made some economic blunders which seem to have obvious retrogression on the drained economy but don't be beclouded by your hatred for this government. Don't expect castles in the air, don't expect flying elephants, there is nothing practically possible that can be done to revive our economy by the government of the day, than for the government to excel in its race to block leakages in government, reduce ridiculous high wages and allowances by Public Office Holders and senior civil servants in the government, bring corruption to its bearable minimum, quell the ongoing vandalization of crude oil pipelines and other oil facilities by the Niger Delta Avengers in the SS/SE-NG, and encourage foreign investors to invest in Nigeria, just to mention a few. It is no news that our crude oil production has experienced the worst hit in history, 'a round of applause' for the vandals in Nigerian oil producing States. In other words, even if the price of crude oil rise in the international market, you can not sell what you don't have. Hence, Nigerians should not expect miracles from this government but expect more 'bites', if the vandalization continue. I pray that this present administration succeed, else ... Enjoy your weekend. Sulaiman Kazeem Twitter & Instagram: @MrSteam_ Facebook page: Mr Steam