I was in Lagos last week. Besides from being stuck in a traffic jam 0600 AM, noticing there were surely no Boris bikes nor bike lanes and that there is an immense difference between the haves and have nots i have to conclude: The country is going in the right direction.
The city has around 20 million inhabitants and the country has 160 million. Thus, Lagos has 4 times as many inhabitants as the entire Norway and NIgeria has half the population of Western Europe.
They have 5 times the oil reserves as Norway and produce roughly the same number of oil barrels per year. A fact which TOTAL, Shell and Chevron has known for decades and only recently others have woken to,
The British side of the North Sea peaked a few years back and Norway has been forced to go deeper and more North, meaning even higher production costs, while the barrels in Nigeria are literally floating on the ground in the Delta of Nigeria.
It will take years before Nigeria can be a Norway, but one thing is for sure: The Nigerian economy is one of the fastest growing economies in the Globe while the Eurozone and the West continues its race to the bottom.
Where would you invest?
Tor Langoy
