Oil

An Exhaustible Resource has Intergenerational Implications- Iledare

Prof. Wumi Iledare, Executive Director of EEF

-Felix Douglas

Presenting his audible remarks at the 13th Edition of Emmanuel Egbogah Legacy lecture series, Executive Director of Emmanuel Egbogah Foundation (EEF), Professor Wumi Iledare, stated that Dr. Emmanuel Egbogah and his wife supported idea of philosophy of a man who believes that prosperity without posterity is inconsequential.

Professor Iledare bemoaned that Nigeria has not come to term and understand that a nation that depends on an exhaustible resource has intergenerational implications.

“If you are going to sustain what you have today using petroleum, you cannot spend all you have for governance”

He said an extensive training will be embarked to train people with regards to the theme of the lecture because “knowledge is one thing but understanding knowledge is a different matter. Understanding is deeper than knowledge.”

According to him the governance of the industry are people who think they have knowledge of the oil and gas industry, but do not understand it. This is the unfortunate state of the industry.

Professor Iledare was delighted when Dr. Egbogah brought him from the United States, dedicated his personal money so that Emerald Energy Institute (EEI) can add value. At present EEI has graduated about forty Doctors of Philosophy. It has also graduated about two hundred Masters of Science in petroleum, energy, economics, policy and management.

EEI can boast of many of them in the oil and gas sector, “the only thing one can wish is that you give them the opportunity to really apply what they know and Nigeria will be better.”

Governing the oil and gas industry must not be based on sentiment. “Speaking to the situation that’s on ground, petroleum products are not public goods.

They are rival exclusivity in consumption. That means people can be excluded from consuming petroleum products if they don’t pay the price.

“Basically, the pricing of public goods must be appropriate for sustainable economic and national development for all.”

Nigeria has followed these part consumable freebies for eternity. Nearly every energy and physical infrastructure in place is diminished.

Professor Iledare added that the health and educational systems have collapsed. Nigeria operates in dual system, the poor and rich. Some are not wealthy but rich.

“Take sentiments out of this debate of appropriate pricing of petroleum product, Nigeria is going the way of Venezuela, energy, food and economic securities are in deficit to a large extent as a result of inappropriate pricing of an economic good.

Prependalistic governance structure is too transactional and not built to create sustainable value and no ability to promote efficiency, effectiveness and equity. It thrives basically on the premise of falsehood and to large extent, unethical practices.

 

 

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