Yes. I stand to be corrected but its my sincere belief that the crash in global oil price will in the long run turn out to be a blessing for Nigeria. Crude oil now sells for $49 in the international market and my prayers are that it should remain like that for the next ten years. The implications of low crude oil prices for Nigeria are that it will, among other things has the potential to:
1. Reduce our over dependence on the sector,
2. Force us to diversify our economy into manufacturing, refining, agro-allied, other minerals and tourism etc.
3. Create more employment and wealth as a result of point 2 above,
4. Save the creeks and reduce oil pollution and environmental degradation,
5.Reduce corruption as a result of the absence of the ever ready petro dollars.
6. Inject sanity, transparency, probity and accountability into the system.
7. Eliminate oil cartels, and hopefully other cartels, who have held our jugular and our economy to ransom.
8. Force us to explore our talents,blessings and creativity as necessity is the mother of invention.
9. Bring a revolution in governance as only the incorruptible and competent hands may be elected, executive rascality and extravagancy will be reduced as expenses will be pruned by running a very thin government. Our unicameral legislature may be replaced with a unicameral one and legislation will become a voluntary service. No billions for the state and national assemblies to squander.
10. Eliminate or reduce insults from citizens of oil producing states against others,
11. Make the idea of resource control, 'true federalism' and even state police palatable and possible.
The list of potential benefits of low crude price for Nigeria may be inexhaustible. Please go ahead and add your own or disagree with me.
Caveat: This is not PDP vs APC matter! Be guided.