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Nigeria's oil reserves will be exhausted by 2053

World bank experts have predicted that Nigeria's oil reserve would have completely depleted in the next 41 years. This was based on a twice - yearly analysis of the issues shaping Africa's economic prospect called Africa's pulse

The report which was presented by the World Bank’s chief economist for Africa, Shantayanan Devarajan, on Thursday said Nigeria’s and Angola’s oil reserves will be depleted in 41 and 21 years respectively.

“Nigeria, the largest regional producer, can keep supplying at 2011 levels for another 41 years, while Angola, the second largest producer in the region, has about 21 years remaining at current production levels before its known reserves are depleted.

“Given the size of these reserves, it is likely that the dependence on oil resources in these countries are likely to continue in the near to medium term. Production in newly oil-rich countries such as Ghana and Uganda could also last for several years.”

World bank economist also stated that Nigeria's oil and mineral endowment don't translate to prosperity because these monies do not pass through the citizens and they don't see it as theirs because some people in high places squander them before reaching the low places.

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