Nigeria’s Economic Missteps: A Call for Reform and Accountability in the Oil and Gas Sector
From the early 2000s, it was obvious that Nigeria was headed the wrong direction and needed to reform its oil and gas sector. Again, the decison faced many conspiracy theories, and got nothing done until 2021. By the time we buckled up to say a final yes to the rejig of the obsolete laws, many investors had taken their money elsewhere.
Let us have a Sovereign Wealth Fund. The Governors said no. What happened to the change blockers? They were rewarded with ministerial and ambassadorial poistions spanning eight years. As a people, we celebrated them moved on as if nothing happened.
Let us diversify from a fossil fuel to an agro-allied dominated economy. We played politics with the idea. In the twilight of Buhari’s administration, some people were so emboldened to build a phantom rice pyramid and deceieved the entire country. The actors were rewarded with juicy appointments for lying to Nigerians.
Let Nigeria have airline career. The officials saddled with the implementation spent billion holding road shows and signing multilayered agreements in Europe. Again, they played politics with truth. Since the political actors at that time knew we won’t react, a whitewashed Ethiopian plane was later flown into the country and commissioned as a brand new Nigerian green-white-green career.
Even when we authorities discovered the truth, they allowed the plane fly back to base without any sanction. Again, Nigerians were fooled and the actors left with that government unscathed.
In all the above, billions went down the drain. With the complications of Russia-Ukraine war, and now the ongoing Israeli-Palestinian war shutting down oil transportation routes, did we think Nigeria would not pay a high price for the self inflicted pains?