Encouraged by successful oil and hydrocarbon deposit in the Chad basin nations, Nigeria went on ego spree about two years ago especially in Northern Region in search for the elusive oil! Over $3 billion has already been sunk without making a commercial find.

According to Clara Nwachukwu of Guardian Newspapers she puts it this way “While those in favour of the search disregard the economic waste, but are encouraged by the success of oil finds in neighbouring countries like Niger, Chad and others, geologists who are mindful of the soil composition of hydrocarbon reserves, think it’s an effort in futility.”

Over $3billion USD! That is so much thrown to the dustbin! In a region that has the highest poverty rate in history of mankind, has the lowest human capacity index and had one of the highest maternal and infant mortality in the world! Over $3 billion wasted ! A nation that have plenty and proven reserves of hydrocarbon in the Southern region!

What does this tell us, we are oil thirst ada nation. We have Dutch Sickness as a nation,we strongly believe in oil and weakly or probably believe in our capacity to deliver information and communication Technology,outsourcing capacity to other Sub Aaharan Africa and making Nigeria a hub just like Dubai! Coming to Dubai,we have a lot to learn from them, they have successfully weaned themselves from oil dependency to a tech and investment hub. Qatar, Saudi are taking cue, yet we are running after oil in a world that is seriously frowning on carbon emissions and scientist are busy in lab thinking of the best renewable energy. Cars manufacturers in future might not give a damn about gasoline becuase cars are going hybrid and full electric ! The big question is where does it level us in future, let’s say in the next 30 years.

Do we go the way of coal! We were once a coal producing hub! Making Liverpool envious but today go to Enugu the coal producing capital, the city is now more of administrative city and haven’t scaled to industrial city. Niger Delta is on that path of predictions with folks at Ogoni visibly angry that they can’t even drink clean water or even drink water that is polluted and keep their cups in peace due to insecurities caused by oil thirst! That is what it is today .

We have refused to see other critical sectors like outsourcing, ICT, agro allied ecosystem even tourism!

According to Luca Ventura of Global Finance , she puts it this way “While most of the top 10 highest-valued companies are American, a few exceptions prove the point: Chinese technology firms Tencent and Alibaba which, along with Taiwan Semiconductor, vaulted into the top 10 only in recent years. Their rise marked a shift not just in the geographical composition of the list, but a sectoral one as well: Until a decade ago, the most capitalized enterprises on the stock market were traditional long-standing “blue-chip” behemoths like Exxon, General Electric and AT&T. Today it is almost all tech companies.”

We would keep borrowing if we don’t innovate and I remember my grandpa saying “he who goes aborrowing goes asorrowing” and he is right in his adopted and tweaked English. Aren’t we in sorrowful mood in this naation. How many graduates can the oil majors employ ? Why can’t we create an enabling environent for other sectors like ICT, agriculture and even tourism. These sectors have the ability to employ tons of youths and these youths would be productive and our economy would be prosperous. These are the multiplier effects. We can’t be basing our budget on what the oil guys are going to sell from the West , if they decide to sell $15 USD per barrel we all cry and go gloomy but if the prices go $80 USD PB we sing kumbaya and go on spending spree…the big question is for how long do we continue basing our development on some oil speculation? It doesn’t add up to me as a person…I don’t know if it does to you?

Narratives and current realities are still what we are trying to grap, grasp and grabi in this naation. It is something that we should be worried of! The realities are changing and our inability to align with current and future realities would make us either stakeholders in industrial revolution 4.0 (a period when Big data, cloud computing, analytics, nanotechnology, artificial intelligence and automation ) would be a key player!

We are there almost just that we as a nation have refused to smell the coffee… We are still trying to fine a vaccine for our disease known as Dutch disease. For those who don’t get this and don’t understand this type of malady. It’s an exotic disease that is often associated with nations dependent on minerals and have refused to scale up or evolve. A serious disease that has no treatment except from the will.

According to Wikipedia it describes Dutch Disease as “In economics, the Dutch disease is the apparent causal relationship between the increase in the economic development of a specific sector (for example natural resources) and a decline in other sectors (like the manufacturing sector or agriculture).”

While investopedia put it this way” Dutch disease is a shorthand way of describing the paradox which occurs when good news, such as the discovery of large oil reserves, harms a country’s broader economy. … Symptoms include a rising currency value leading to a drop in exports and a loss of jobs to other countries.”

As you can see for us to get cured, we must get thinking and get focused. “De-oil” our mentality and look at the other narratives which I have mentioned. As the world is emerging from Covid 19,there would be more emphasis on Technologies and capacity building. We must strengthen our capacity in the areas of education and building. The education institutions must as a matter of fact reduce striking and focus on building the society. Education has always been an interventionist approach and ASUU with their other tertiary institutions must start thinking, wear their thinking cap and change the obsolete mentality of striking and that of their syllabus. With lots of crazy and stupid courses they offer today, our youths can’t compete in near future. We must start looking at the bigger picture like having course in Cloud Computing, nanotechnology, artificial intelligence, software development, modern agricultural Technology etc not courses like library science, philosophy and other courses.

The naation must as a matter of fact focus on STEM (Sciences , Technologies, Engineering, mathematics) we have danced enough! We have encouraged dancers over time, endorsed them with millions and watched flimsy life TV shows where billions are dashed to people that don’t matter and we made them matter.

Corporate institutions must start endowment funds, funding tertiary institutions, encouraging research and development (R & D) recognising distinguished engineers and scientists not acknowledging extinguished graduates that knows nothing rather than dance and wear skimpy things.

Failure to follow these hard road, we would still base our thinking in oil because that is the easy way out. Get experts to drill, explore the oil and then they pay us whatever and we distribute to the states ! That has been our economic model and trust me it is not sustainable.

Anthony Emeka Nwosu

Leave a Comment

Your email address will not be published.

You may also like

Business Opinion Technology Technology Trends Telecoms

South Africans can now access faster and affordable internet as Liquid Dataport lands Equiano in Cape Town


Liquid Dataport, a business of Cassava Technologies,  is bringing much-needed access to affordable internet in South Africa. Liquid Dataport has acquired a pair of fibre cables on Equiano, the new West coast submarine cable, capable of delivering up to 12 Terabytes of new internet capacity, providing the South African economy with the boost it needs to ensure the successful digital transformation of businesses and individuals. See www.LiquidDataport.com.



The additional capacity augments Liquid Dataport’s existing pan-African fibre network, global satellite connectivity and subsea cable backbone that ensures businesses on the continent have access to affordable and reliable high-speed connectivity – a vital element as they leverage the digital economy. The Equiano sea cable is the highest capacity cable landing in South Africa. Liquid Dataport foresee a much-needed drop in internet connectivity prices and improved quality in South Africa and numerous sub-Saharan countries. As Liquid’s existing and potential…

Read More
Business Investments Opinion Technology Technology Trends Telecoms

How cloud technology can boost economic development in Africa


Cloud technology could be a major enabler of economic development on the African continent – but some stubborn barriers need to be cleared first, says Andrew Cruise, Managing Director of vendor neutral cloud infrastructure provider, Routed.

The African continent represents 60 percent of the world’s arable lands and 30 percent of the earth’s mineral reserves – making it a rich continent in many ways. Yet it contributes only 2 percent of the world’s research output and lags behind in several key technological sectors. For the continent to achieve its potential and escape the unsustainable colonial development model of resource extraction, investment in digital competencies is crucial. In certain areas, the continent is faring reasonably well in this regard. Mobile penetration, for example, is skyrocketing – 615 million users in sub-Saharan Africa are

Read More
Business Government News Security Society Technology Technology Trends




The Honorable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami FNCS FBCS FIIM has said that it has become imperative to implement legislations that will ensure the protection and confidentiality of citizens data as part of the government’s responsibility to protect the lives and property of Nigerians.

Prof. Pantami made his assertion when he flagged off the “National Validation on Data Protection Bill” workshop organised by the Nigeria Data Protection Bureau (NDPB) in collaboration with the Nigeria Digital Identification for Development (ID4D) at the Nigeria Air Force (NAF) Conference Centre, Abuja.

In his keynote address, Pantami said that as part of efforts to sustain the country’s digital economy growth, it was crucial to have legislation that would ensure data protection considering the amount of data being generated in the country daily.

He said, “We know the data generated today is mind-boggling and we must therefore have regulations in place…

Read More
Announcements Business Gadgets Leisure News Society Technology Technology Trends

Garmin Enduro 2 ultraperformance smartwatch adds mapping, touchscreen and its longest-ever battery life


Garmin International, Inc., a unit of Garmin Ltd. (NYSE: GRMN), today announced the Enduro 2 ultraperformance multisport GPS smartwatch. Purpose built for endurance athletes, the rugged yet lightweight Enduro 2 includes built-in TopoActive maps with multicontinent coverage, a superbright LED flashlight and Garmin’s exclusive SatIQ™ technology to help optimize battery performance. What’s more, enhanced solar harvesting provides up to 46 days in smartwatch mode and up to 150 hours in GPS mode1 to outlast the longest ultra race or greatest adventure.

Crafted with premium materials for ultimate durability and comfort, Enduro 2 includes a lightweight and sophisticated titanium bezel and rear case, 1.4” Power Sapphire™ lens, Ultrafit nylon band for a secure and comfortable fit, and a new touchscreen interface that complements Garmin’s traditional button controls. During the day, Enduro 2 harnesses the sun’s energy to provide battery life of up to 150 hours in GPS mode and up to…

Read More
Business Energy Government Investments News Security Society Telecoms Tourism

Africas Economic Growth Decelerates Sharply


Africa’s economic activity is expected to expand by a moderate 2.7% in 2022 and 2.4% in 2023, following a rebound of 5.1% in 2021, according to the UN Conference on Trade and Development (UNCTAD) its Trade and Development Report 2022 .

As a result, an additional 58 million Africans will fall into extreme poverty in 2022, adding to the 55 million already pushed into extreme poverty by the COVID-19 pandemic, the report says.

“The economic slowdown causes further setbacks in the realization of the 2030 Agenda for Sustainable Development,” said UNCTAD Secretary-General Rebeca Grynspan.

According to the report, almost 60% of Africa’s low-income countries are already in debt distress or at high risk of it, as debt levels, both private and public, stand at record levels.

Besides, more than 60% of African countries need external assistance for food, with hunger further spreading across the continent.

Several new challenges

UNCTAD says the sharp economic slowdown…

Read More
Business Events Health Trends

mPharma Launches Hypertension Test and Treat Program to Control Hypertension in Africa


To celebrate world heart day, mPharma (https://mPharma.com) launched the Hypertension Test and Treat program (HTT) to support the prevention and control of hypertension in Africa. Heart disease is one of the greatest causes of premature death in Africa.The World Health Organization estimates that the prevalence of hypertension is highest in the African region, with about 46% of adults aged 25 years and older being hypertensive compared to 35% in the Americas and other HIC, and 40% elsewhere in the world. Hypertension is of public health importance in sub-Saharan Africa, particularly in urban areas, with evidence of considerable under-diagnosis, treatment, and control. There is an urgent need to develop strategies to prevent, detect, treat, and control hypertension according to a research by Julliet Addo et al.


The HTT program will be delivered through the company’s network of mutti pharmacies in Nigeria, Ghana, Kenya, Zambia with plans to…

Read More
Announcements Business Opinion

Keep customer promises to ensure success,Ukheshe appoints Lee Ziervogel as COO




In today’s fast-paced, wealth-driven world where customer service often ends at the point of sale, true business success requires solid, customer-centric ethics.


This is the belief of Lee Ziervogel, the newly appointed Chief Operating Officer at fintech enablement company Ukheshe. “This is especially important for a fintech company like Ukheshe. It’s essential to manage our clients’ journeys with our highly technical products, because if they’re successful, so are we.


“I love being surrounded by an ethically sound team that operates from these solid business principles. One of Ukheshe’s core focus areas is enabling financial inclusion, and enriching lives.”


Ziervogel’s people-centric approach ensured her success as President of Customer Delivery and Success at Ukheshe before stepping into the role of COO. She explains: “I was leading the part of the organisation that is responsible for ensuring we meet our promises to our clients. This needs to happen from several perspectives – regulatory and…

Read More
Business Events News Technology Technology Trends Telecoms

NCC, NLRC inaugurate committee to strengthen consumer protection

The Nigerian Communications Commission (NCC) and the National Lottery Regulatory Commission (NLRC) on Thursday in Abuja set up a committee to work towards the protection of the interest of telecom consumers against malpractices that may attend mobile lotteries in the country.
The Committee, which was inaugurated at the NCC Head Office in Abuja, was tasked with the responsibility of articulating measures to address mutual regulatory issues, including the review of revenue-sharing formula between Mobile Network Operators (MNOs) and lottery operators.
The NCC’s Executive Commissioner, Stakeholder Management (ECSM), Barrister Adeleke Adewolu, who presided at the meeting comprising senior staff of the two agencies, recalled fondly previous engagements between the agencies and stated that the committee was important in order to review and…

Read More