Sunday, 5 November 2017


Nigeria is not an oil economy, the Minister of Finance, Mrs. Kemi Adeosun, has said.

She said in an article sent to media organisations on Sun­day, that Nigeria did not fit into the description of an oil econ­omy.

The minister said that it was an error to categorise Ni­geria as an oil economy along with such nation’s as Sau­di Arabia, Kuwait and Qatar with very high daily oil pro­ductions and low populations. She said, “Descriptions of Ni­geria’s economy often include such phrases as ‘Africa’s largest oil producer’ and ‘the oil rich African nation’ but oil econo­mies are typically characterised by low population densities and abundant oil resources.

“Saudi Arabia with 10 mil­lion barrels of oil per day and 30 million people, Kuwait with 2.7 million barrels of oil per day and 4 million people and Qatar with 1.5 million barrels of oil per day and 2.5 million people are typical of such.

By BTEditor.

Full story at The Breaking Times.

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