This oil will one day finish or become useless to the economy. Even now, we see uncertainties with prices of crude oil globally. With all these possible predictions, what could be the solution to global collapse of oil prices? What could be the safe haven for regional and global economies, when crude oil becomes unattractive? Therefore, we shall look at how technology salvages world’s economy through innovations and business diversity to cushion the effect of dwindling oil relevance. Some streams of tech economy such as ICT, artificial intelligence and robotics, nano technology and material chemistry and engineering, etc all form promising economic arms for the world.
A Nigeria before Oil
Everyone feels the impact of the present global collapse or fall of prices of crude oil. Governments of countries who operate oil-driven economies are worst affected. One such government is the federal government of Nigeria. It is an irony to recall that before the Nigerian oil boom of the late 60s and early 70s, Nigeria was being propelled on the wheels of Agriculture-driven economy. Sadly, all that is gone now. However, the country had a rethink in recent history with the first-ever unprecedented collapse of oil prices in recent years.
Furthermore, COVID 19 did not spar the economy of any nation, including Nigeria. The attendant global lock-down led to diminished energy demand and consequent fall in oil prices. Whats next? Countries learnt new ways of doing things – business, security and defense, manufacturing etc.
Nigeria was a global force in Cocoa economy, palm oil and groundnut economies. This is in addition to cotton and other solid mineral economic outputs. As a result, the national Gross Domestic Product was one to reckon with at that time. Meanwhile, records has it that Malaysia came to Nigeria and borrowed oil palm seedlings and planting technique. however, the case is reverse today as Malaysia ranks top in the world’s producer and exporter of pal oil.
To say the least, this West African country was doing greatly well with huge exportation of diverse Agricultural products and enormous foreign exchange revenue. Interestingly, Nigeria engaged indigenous technology in their Agricultural sector and that was their secret to success.
Today’s Technology as Alternative Lifeline to Collapse of Oil Prices
Today the same technology has advanced. Manual jobs which wasted more time, energy and resources are now automated with greater efficiency and turn-around time. Oil prices may have fallen but technology remains ever most relevant. As the world fights to shift its economic attention from Oil to mostly Agriculture, it is not doing so without incorporating technology.
I hope Nigeria and her government are taking proper note. Substituent agriculture on its own cannot successfully drive the national economy. The agricultural requirements of Nigeria and the rest of the world as at the 70s cannot be compared with the present day Gross Domestic Product (GDP) demands.
Entrepreneurship as Key to Global Economic Survival
Any Space for Politics in Fixing Economic Damage caused by Collapse of Oil Prices?
There should be no space for politics in dealing with countries’ resolve to resurrect agriculture as alternative solution to the collapse of oil prices. It is an understatement to say that technology cuts across every sector, sub-sector and industry. Therefore, there is a major need to attach great importance to technology emancipation for global and national economic growth.
