(original Post: ynaija.com)
Nigeria is a nation whose name is synonymous with oil riches! Shortly after independence in 1960, the young democratic nation was soon confronted with divisive and unsavory political wrangling which led to an unsolicited military intervention and political assassinations!
A violent vortex of political unrest, sectional violence and further military agitation and politicization was to follow, which ultimately culminated in a civil war in 1967.
According to history of oil industry in Nigeria and statement made by Olumide Iluyomade.
“By 1970, in the aftermath of the civil war, the nation as a whole was in the process of recovering from the devastating effect of war and the blossoming Nigerian oil industry had not been spared the negative impact either! Oil production had dropped to a mere 33% of its production peak of 420,000Bpd in 1966. The incumbent military leadership was in dire need of revenue and new sources of income to pay outstanding debts and forge a viable nation state. It was under this circumstance that Nigeria was to discover her true potentials as an oil producing nation.”
Wikipedia made us to know that “Fossil fuel is a general term for buried combustible geologic deposits of organic materials, formed from decayed plants and animals that have been converted to crude oil, coal, natural gas, or heavy oils by exposure to heat and pressure in the earth’s crust over hundreds of millions of years”.
The wind is slowly turning and we are not watching.
In a few years, Nigeria would lose most if not all of her fossil oil clients due to several factors; global warming, environmental degradation, change in foreign countries reliance on fossil oils from Africa, new technology that permits sustainable READ MORE