8 June 2008 (Allafrica.com)
To discerning Nigerians, the grim reality of the country's sole dependence on income generated from oil revenue is a matter for serious concern. This virtual mono-cultural economic tendency is dangerous as it ties the nation's fortunes to the vagaries of global oil market and the unpredictable socio-political situations in the country's oil producing belt. This is why the country's economy was so badly affected by the international oil glut of the early 1980s. It is currently losing substantial revenue due to the extant volatile situation in the Niger Delta.
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