Nigeria’s oil resources must impact on the people – US Govt

12 June 2012, Sweetcrude, ABUJA – The United States goernment says it wants Nigeria’s rich oil resources to impact on the lives of the people.

Deputy Secretary of the United States Institute of Peace (USIP), Mr. William J. Burns, said this at the close of a two-day meeting of the Nigeria and United States’ Binational Commission (BNC), where the West African country’s oil, gas and power sectors dominated discussions.

“We are committed to continuing to support Nigeria’s efforts to create a more effective regulatory environment. And given Nigeria’s important place in the global oil market, we discussed ways to ensure that the natural riches of Nigeria improve the lives of the people for many years to come,” Burns said.

He added: “In particular, the Governance, Transparency and Integrity Working Group looked toward the 2015 national elections – which mark another milestone in building on the most credible elections in Nigeria’s history last April.

He maintained that the two-day forum has shown the importance and depth of the partnership between the United States and Nigeria and noted that there would be enormous promise for Nigeria and for the relationship in the years to come.

Burns however stated that relationships like these would not grow themselves but would demand commitment, patience and sustained effort, adding that managing such big and important relationships would be a herculean task.

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  • Through the prism of Rostow’s five stages of ecoiomnc growth, i see Nigeria as a country that had several stages of ecoiomnc growth skipped or truncated. Nigeria’s ecoiomnc growth is peculiar in that it shaved of important ecoiomnc phases like take-off, drive to maturity where a nation has to save at least 15% to 19% of national revenue. I think the Nigerian economy is at a high-consumerist phase, how it got there I can not tell.