Energy Sector 2011: Shrouded
22.05.12
The year 2011 is gradually coming to an end and the energy sector is still entangled in one controversy or the other. Despite its ambitious economic development programmes aimed at placing the country in the league of twenty most developed economies in the world by 2020 , the government is yet to come to terms with the urgent need to fix the sector and formulate policies that would enhance it, even in the new year .
Despite the fact that oil was first discovered in the 1950s , the year 2011 could not reverse the seeming jinx that tend to rubbish the fact that the country with proven oil reserves exceeding 9 billion tons cannot boast of functional refineries or utilise the natural gas reserves of over 5.2 trillion cubic metres which has made it the world’s seventh biggest resource.
As usual , the country throughout the year under review relied heavily on its petroleum industry for economic growth as the sector accounts for about 80 per cent of government revenues and provides 95 per cent of foreign exchange.
Source: Leadership Newspapers
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