NJ Ayuk: ‘When Oil is Found, We Abandon Agriculture’
CEO of Centurion Law Group NJ Ayuk was interviewed by eNCA about the issues of corruption and mismanagement in Africa’s oil and gas industry, which are addressed in his new book, Big Barrels: African Oil and Gas and the Quest for Prosperity.
“What solutions we are suggesting is that it has to come from leadership; it has to come from real political will to attack and combat these issues,” said Ayuk.
Ayuk stressed the importance of using oil and gas resources to create development in non-oil sectors, such as agriculture.
“The traditional problem in Africa, is that when oil is found, we abandon agriculture. We abandon industries. We abandon what has created the African market. A traditional African economy is based on agriculture,”Ayuk said. “One other thing you can also focus on is saying, ‘How do you use these oil resources to create development in Africa in non-traditional and non-oil sectors.”
As an example, Ayuk said gas that is being flared across the continent can be used to create ammonia and fertilizer plants to help grow the agriculture industries.
Co-written with João Marques, Big Barrels analyzes case studies of African oil and gas success stories.
Watch the interview here:
- April 15, 2021What it means for the Competition Regulatory Authority (CRA) to be operational in Mozambique
- April 13, 2021The SEC’s circular on the trading of foreign securities by investment platforms in Nigeria
- April 8, 2021Mozambique attacks impact SA businesses
- March 31, 2021Centurion Plus – A Stroke of Luck amid a Global Economic Crisis
- March 30, 2021The Central Bank of Nigeria’s Naira for Dollar Scheme