NIGERIA IS NOT AN OIL ECONOMY.

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.