CRUDE IN THE NORTH: OIL MAY THREATEN NATION’S ‘FOOD BASKET’
…CAUTIONS OPTIMISM AS EXPERTS SPEAK THE NIGERIAN NATIONAL PETROLEUM CORPORATION, NNPC, ANNOUNCED, LAST WEEKEND, THAT IT HAS DISCOVERED CRUDE OIL, GAS AND CONDENSATES IN THE KOLMANI RIVER II WELL IN NORTHERN NIGERIA. THE ROAD TO THE DISCOVERY WAS PAVED WITH BILLIONS OF NAIRA SPENT ON EXPLORATION. THOUGH THE FEDERAL GOVERNMENT HAS NOT DISCLOSED THE ACTUAL AMOUNT SPENT IN SEARCHING FOR HYDROCARBONS IN NORTHERN NIGERIA, PROFESSOR JERRY GANA, WHO WAS THEN-CHAIRMAN OF THE NORTHERN NIGERIA ECONOMIC SUMMIT, HAD, IN 2013, STATED THAT UP UNTIL THEN, N27 BILLION HAD BEEN SPENT ON OIL AND GAS EXPLORATION IN THE LAKE CHAD BASIN. THIS WAS FOLLOWED BY BUDGETARY ALLOCATIONS IN MILLIONS OF DOLLARS IN PURSUIT OF OIL SEARCH IN THE NORTH. THE OPPORTUNITY COST OF THE FEDERAL GOVERNMENT’S DECISION TO SPEND BILLIONS IN SEARCHING OF CRUDE OIL IN THE NORTH INCLUDED THE ABANDONED BRASS AND OLOKOLA LIQUEFIED NATURAL GAS, LNG, PROJECTS, THE REVAMP OF THE COUNTRY’S REFINERIES, THE POSSIBILITY OF