NIGERIA LOSES SPOT AS LEADING OIL PRODUCER

, Magazine

The over dependence on oil in Nigeria remains worrisome albeit her search for alternatives and recent reports call for those searches be intensified.

The nation needs to step up its game to resuscitate the economy, as it is no longer among the world Top 10 oil producers.

Experts alerted that Nigerians should stop acknowledging the nation as among top oil producers in the world, as the giant of Africa already lost the spot to China, USA, Canada and others.

Reports claim that these countries have employed strategic measures towards their economy, a move which Nigeria has failed to deploy over the years.

An economic analyst, Wale Okunrinboye claimed that China produces double of Nigeria’s output per day, while Russia is the current mouthpiece of the Organization of Petroleum Exporting Countries (OPEC).

He added that the cost of business in Nigeria will be high due to increased tax rate and inflation.