Future is Bleak for Oil; PWC Economist Warns Nigeria




A Chief Economist at PricewaterhouseCoopers, PwC Nigeria, Dr. Andrew Nevin has said that the future is bleak for Nigeria if it continues to depend on oil to generate the bulk of its revenue.
 
Nevin said this through Twitter on Thursday, in reaction to the Guardian Newspapers report titled 'Nigeria’s fragile fiscal regime may stall $24bn oil, gas projects'.
 
The report quoted African Energy Chamber (AEC) as saying that "Nigeria and other African countries should expect a capital expenditure (CAPEX) spending cut of $30billion by next year."
 
On the way forward, Nevin advised Nigeria to invest its "limited resources" in what will produce "a real return" while strongly recommending investment on the youths.
 
He said: "Again, no real future in oil for Nigeria. Let's invest our limited resources in what will produce a real return for Nigeria- the intellect of Nigeria's young people. I learned a new term for this: brain capital."

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