Nigeria has been making news lately for their renewable energy resources. Their wealth of renewable resources depends upon economic growth in harnessing gas and oil. Nigerian mining is about to take a large advancement and begin mining resources as nothing you’ve seen prior. With its huge deposit of nutrient resources as a country the lead designer has given his stamp of approval on the move forward for mining operations. Nigeria was the tenth largest producer of oil in 2005 and having been a member of OPEC since 1971 the future is bright for their exports becoming extensive and their economy enjoying a hefty growth as the untrained resources are finally unearthed for the taking.
Being the sixth largest oil rich nation they are now passing a bill that will enjoy priority and hopefully a quick passing for the country into law because of the importance to the economy of Nigeria. This bill is designed to put a structured format into petroleum for Nigeria including legal and regulatory and economic operations. This gas and oil rich country has seen shortfalls in its petroleum due to these particular issues with production. However now that there will be an accountability to its production of petroleum the world should see more gas and oil being refined and produced with expediency and consistency. With this say of regulatory changes to the legal and financial sectors of the Nigerian government it looks to be a profitable arrangement for OPEC. For Nigeria this will add volume to the market and improve their business end of trade.
Nonrenewable sources such as gas and oil have become the main economic reliance of the country and now with operations arrived up to quarry these resources with two forces inside the country they can now synergize and mobilize one forceful push for the economic status of the country. With modern technology on their side they can begin the wealth gaining process that this country is capable of. Nigeria is relatively a new frontier because it has barely tapped its resources and can soon begin doing just this with technological speed and efficiency.
Shale oil is just one aspect and they can develop it at $24-$30 (USD) per bat berrel where the normal price to produce is $50-$70 per bat berrel (USD) with such a great price on oil production they could become one of the leading producers with demand outweighing supply. With no competition they can become stable and begin to move forward.
Nigeria is nutrient rich and has untrained capability for other mining efforts and if they are finally allowed to pay attention to the whole picture of mining for their country they could become one of the wealthiest nations in the world. With this kind of potential laying untapped while gas and oil need to be regulated they will face little obstruction in getting started using all of their capability as they begin a rich history of mining and structure on that mining and its end result with the naija newsnow production of gas and oil for the world.
There is compelling need to change the laws as they exist or do not exist so that people can be held accountable for their actions and the country start to profit to some degree from renewable resources. If they can continue to keep a constant state of production they could will draw on renewable resources such as solar, wind and water power and begin to harness the amazing capacity of green energy. Harnessing green energy could mean that a country full of lower income will begin to have unending resources for years to come.
Azees Ishola is an author and online doodlekit on various topics like jobs, energy news & relationships. Energymixreport is Africa’s leading news source with publications covering gas and oil industry for business, renewable energy, environmental and government news.