Summary
A country without focus on research and development would keep searching for development…
2012 was a difficult year for the global economy but the outlook appears brighter for 2013.
Perhaps new domestic US crude oil production will not affect OPEC prices; however, we expect that terms of trade between the US and its trade partners will be affected. We have observed a gradual decline in America’s crude oil imports from Nigeria with a corresponding steady increase in imports from Saudi Arabia, since 2011
The state of the euro area is expected to weaken growth in other economies, as was the case in 2012, thereby dampening the steady rise in global oil consumption.
The debate over Nigeria’s deficits, debt, savings, income and expenditure were outside the context of their implications on specific economic enablers such as power, infrastructure and research and development.
We are concerned about Nigeria’s ability to manage and effectively harness its oil receipts during this period of high oil prices, without a working blueprint that articulates a clear process of socioeconomic transformation
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