Nigeria has been making news lately for their renewable energy resources. Their wealth of renewable resources depends upon economic growth in harnessing oil and gas.Nigerian mining is about to take a large step forward and begin mining resources as never before. With its huge deposit of mineral resources as a country the president has given his stamp of approval on the move forward for mining operations. Nigeria was the tenth largest producer of oil in 2005 and having been a member of OPEC since 1971 the future is bright for their exports becoming extensive and their economy enjoying a hefty growth as the untapped resources are finally unearthed for the taking.
Being the sixth largest oil rich nation they are now passing a bill that will enjoy priority and hopefully a quick passing for the country into law because of the importance to the economy of Nigeria. This bill is designed to put a structured format into petroleum for Nigeria including legal and regulatory and fiscal operations.This gas and oil rich country has seen shortfalls in its petroleum due to these particular issues with production. However now that there will be an accountability to its production of petroleum the world should see more oil and gas being harvested and produced with expediency and consistency.With this influx of regulatory changes to the legal and financial sectors of the Nigerian government it looks to be a profitable arrangement for OPEC. For Nigeria this will enlarge the market and improve their business end of trade.
Nonrenewable sources such as oil and gas have become the main economic dependence of the country and now with operations stepped up to mine these resources with two forces inside the country they can now synergize and mobilize one forceful push for the economic status of the country. With modern technology on their side they can begin the wealth gaining process that this country is capable of. Nigeria is relatively a new frontier because it has barely tapped its resources and can soon begin doing just this with technological speed and efficiency.
Shale oil is just one aspect and they can develop it at $24-$30 (USD) per barrel where the normal price to produce is $50-$70 per barrel (USD) with such a great price on oil production they could become one of the leading producers with demand outweighing supply. With no competition they can stabilize and begin to move forward.
Nigeria is mineral rich and has untapped capability for other mining efforts and if they are finally allowed to focus on the whole picture of mining for their country they could become one of the richest nations in the world. With this kind of potential laying untouched while oil and gas need to be regulated they will face little obstacle in getting started using all their capability as they begin a rich history of mining and structure on that mining and its end result with the production of oil and gas for the world.
There is compelling need to change the laws as they exist or do not exist so that people can be held accountable for their actions and the country can begin to profit marginally from renewable resources. If they can keep a constant state of production they could begin to tap into renewable resources such as solar, wind and water power and begin to harness the amazing capability of green energy. Harnessing green energy could mean that a country full of poverty will begin to have unending resources for years to come.