Nigeria’s Oil Reserves May Last 41 Years – World Bank

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VENTURES AFRICA – The World Bank on Thursday predicted that Nigeria may deplete its oil reserves by 2053 if it keeps supplying at the 2011 capacity.

According to local newspaper, Vangaurd, Nigeria, Africa’s largest oil producer, boost crude oil production from 1 million barrels per day in 2008 to 2.6 million in 2011.

The development institution predicted a 4.8 percent growth rate for sub-Saharan Africa in 2012 adding that the continent which has been gaining strong international investor confidence would attract Foreign Direct Investment (FDI) worth a total of about $31 billion this year.

Another local newspaper, THISDAY, reported the World Bank Vice-President for Africa, Mukhtar Diop, saying: “A third of African countries will grow at or above six per cent with some of the fastest growing ones buoyed by new mineral exports such as iron ore in Sierra Leone, uranium and oil in Niger, and by factors such as the return to peace in Cote d’Ivoire, as well as strong growth in countries such as Ethiopia.”

The global financial lender’s publication, Africa Pulse, reports growth in sub-Saharan is to rise to 6 percent, except in South Africa. It, however, noted that Africa was not immune to the recent cases of market volatility occasioned by crisis from European economies, as well as growth-rate decline occurring particularly in China, which has been pivotal to Africa’s development.

Africa Pulse added that for the first time, the total number of people living on $1.25 a day had dipped and poverty rates in the region declined faster than one percentage point a year while child mortality had also declined.

For Africa’s second largest oil producer, Angola, the World Bank forecasts it has about 21 years left at current production capacity before exhausting its oil reserves.