Bye, bye to oil econ­omy

Daily Trust - - OPINION -

In my hum­ble sub­mis­sion, we are run­ning a “Feed­ing Bot­tle Econ­omy”. Green Econ­omy is the best way to go. A lot of grad­u­ates who had never con­tem­plated go­ing into farm­ing or dreamt of be­com­ing farm­ers are now fully into agri­cul­tural ac­tiv­i­ties. Many thanks to the fall in the price of crude oil at the in­ter­na­tional mar­ket.

Pro­fes­sor Darma of the Depart­ment of Eco­nom­ics, Univer­sity of Abuja once said: “In a study con­ducted it was found that, farm­ers in Nige­ria were be­tween the ages of 50- 60 years old, which meant that if noth­ing was done, by the next 20 years the farm­ers would have died or be­came too old to farm”. Our ami­able Pro­fes­sor will now be happy to note that, not only the young peo­ple but also Univer­sity grad­u­ates have now em­braced farm­ing.

Ad­vanced na­tions of the world have gone far in their re­searches on how to switch to “BIOFUEL” at a time when Nige­ri­ans are calling them­selves “par­a­sites” on “re­sources” which no one can claim that, it is his ef­fort or in­no­va­tion or knowl­edge that brings it to his com­mu­nity, or state or re­gion. In my un­der­stand­ing, it is by di­vine prov­i­dence. USA is now making fuel from “corn”, France from “wheat”, China from “sweet potato”, Brazil from “sug­ar­cane” and Malaysia from “palm oil”. Let’s us wake up, if crude oil does not dry up, it will sooner or later be­come ob­so­lete. The in­tro­duc­tion of elec­tronic cars will cer­tainly re­duce the con­sump­tion of crude oil. It is very clear to some of us that in the next 20 to 30 years, oil would be­come a faded re­source, or at least a less used prod­uct.

As long as we con­tinue with a “Feed­ing Bot­tle” Econ­omy and or “Spoon Feed­ing” Econ­omy there will be “ag­i­ta­tions” for “Re­source Con­trol” and or “Se­ces­sion”. Ac­cord­ing to Wole Olaoye, four states of Bayelsa, Akwa-Ibom, Delta and Rivers pro­duced 80% of the crude oil that we shared its money ev­ery month while Imo, Abia, Edo, Ondo and more re­cently La­gos pro­duced the re­main­ing 20%. From the above men­tioned, one could ar­gue that only re­sources from about 8 states of the fed­er­a­tion that sus­tain the coun­try presently. About 80% of the re­sources that the fed­eral, states and lo­cal gov­ern­ments share ev­ery month is from the sales of crude oil. The re­main­ing 20% comes from FIRS and Cus­toms Ser­vice.

More so, it is sad that out of the oil pro­duc­ing states only La­gos can pay work­ers monthly salaries with­out oil money. Oil econ­omy is not the way to go. Agri­cul­ture is the way to go. The only time that Agri­cul­tural Econ­omy will be ir­rel­e­vant is the day that ev­ery one dies.

Bri­tain will ban the sale of petrol and diesel-fu­elled cars from 2040 when all ve­hi­cles must be fully elec­tric, The Guardian of UK re­ported. The ban, like the one in France, is part of the gov­ern­ment’s much-an­tic­i­pated clean air plan. Ger­man car­maker BMW im­me­di­ately announced that it had cho­sen its plant in Ox­ford, Eng­land as the lo­ca­tion to pro­duce an elec­tric Mini from 2019. Ear­lier, Volvo also announced that all its car mod­els launched af­ter 2019 will be elec­tric or hy­brid. A word is enough for the wise! God bless Nige­ria! Nu­rudeen Dauda, Abuja, nu­rudeen­dauda24@

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