West Africa: Oil and Gas Prospects for Smaller Countries, Implications for Nigeria

Virtually all West African countries, from Mauritania, Cote D’Ivoire, Sierra Leone, Liberia, to Ghana and others, all in the Gulf of Guinea axis, have developed oil and gas explorations. By 2027, all these countries will increase three fold their oil outputs.

Implications for Nigeria

1. Population

Nigeria’s population is explosively growing, though the country is fast developing more oil wells in the north. The distribution of wealth will be a huge problem years ahead for Nigeria

2. Smaller countried like Sierra Leone, Liberia, others, will be placed at advantageous position if the oil wealth is properly managed by these countries

3. Insecurity

West Africa, especially the Sahel is now engulfed in crises. Farmers no longer go to farms. Prices of food stuffs are sky rocketing. Hence, the military is now strategising to provide military escort to farmers in Nigeria, while farmers in other West African countries go to farms with ease.In the next year or two, these smaller countries will be food sufficient locally, with prices going downward

The current military escorts to farmers are the only viable steps by the Nigerian government to promote food security and reduce prices locally. The oil and gas prospects for the smaller countries, with stability in food production, are imminent threat to Nigeria . The Tinubu government is aware of this current development. Hence, current steps to counter theses imminent threats are ongoing, in view of the explosive population of the country . By the estimation of the Tinubu government, food inflation will go down in few months. West Africa will see a growth rate due to massive growth in oil and gas production, coupled with rise in food production due to private sector investment in it.

Source: thenewsnigeria.com.ng