Experts and academic dons have showcased concerns about the low pace at which Nigeria is growing.
The experts and academic dons who gathered in Lagos for a book launch noted that Nigeria could have developed like other oil-producing countries such as Qatar.
Speaking at the event, the Vice Chancellor of Caleb University, Professor Nosa Owens-Ibie, stated that Nigeria has no excuse for its inadequacy and failure to catch up with its peers.
According to the don, against some perceptions, the discovery of oil in Nigeria was not a curse.
Making reference to the book written by Michael Ross “The Oil Curse”, the Vice Chancellor said: “Oil may have indeed been somewhat a curse in instances, but there are those who have shown that oil is a catalyst for productive multipliers”.
“Days from now, Qatar will be hosting the world in moments of frenzy. If oil is a curse, Qatar may not be hosting the best of world footballers”, he added.
The academic Don also makes reference to Dubai, the capital of the United Arab Emirates. He noted that due to the judicious use of oil revenue, Dubai has become a tourist destination for people across the world while properties in the middle Eastern country are sought after from far and wide.
He added that having discovered oil several years ago, Nigeria has no excuse to be poor.
Investors King understands that oil was discovered in Nigeria in 1956. The first discovery of oil in Nigeria was in Olobiri, a suburb in Bayelsa State.
Ever since then, hundreds of oil wells have been discovered across different states which include Rivers, Akwa Ibom, Delta, Imo, Anambra, Kogi and Port Harcourt among others.
For years, Nigeria was the largest oil producer in Africa and one of the largest in the world. The country is also the largest producer of gas in Africa and the 12th in the world.
However, despite the discovery of oil and its subsequent exploration, Nigerians barely see the benefit of it both in terms of human capital development and overall economic growth.
