Few weeks back, President Muhammadu Buhari, ordered the search of oil in some northern states. The federal is investing huge sum of money to make sure oil is discovered in Chad Basin and North Eastern part of Nigeria.
Also the 19 Northern governors have collaborated to support the effort by employing a British firm to boost the oil search.
Our list today outlines the things that will most likely happen if/ when crude oil is found in northern states.
Improved Power Supply
With Nigeria’s current national grid below 1500MW, raw materials from the north will ease the country’s over-dependence on the Niger Delta oil wells for raw materials and also boost the power supply nationwide.
Northern States will get Huge revenue Allocation
Just recently,the oil wells in Lagos, were inspected resulting in the state getting a 13%Derivation Fund. However, if and when oil is discovered in some states in north, many more states will stake claim to the 13% derivative which the federal government may not be able to meet up with.
Petroleum Price will reduce
The silver lining to oil discovery in northern state is that subsequently oil products will be available to Nigerians and this will be a big boost as, the petroleum price will be cut down (maybe to N65, who knows).
More jobs for Graduates
Oil discovery in the north will also boost our employment rate. If oil is discovered, new oil companies will come to invest as the old ones will also seek expansion. This will eventually provide jobs for the unemployed.
Politicians will make a push for oil well ownership
Most oil blocs in Nigeria belongs to politicians, with the discovery of oil in the north, it will increase oil blocs and also increase the pocket of the these corrupt politicians. Also with Aliko Dangote’s oil refinery set to be launched in 2019, oil discovery will even make the Africa’s richest man more invested in the crude oil.