The Nigerian Association of Energy Economics (NAEE), an affiliate of the International Association of Energy Economics (IAEE), said that the country’s currently fluctuating oil production level of 2.4mb/d may not be enough to guarantee any sustainable economic development for the country, All Africa reported.

The President and Chairman of NAEE governing council, Wumi Iledare, said resource management is vital as studies have proven that emerging economies often experience economic degression when oil prices are good because they tend to lack the capacity to manage the boom, The Nation Nigeria reported.

The NAEE also asked the federal government to take advantage of the opening that the current dip in prices of crude oil in the international market presents to deregulate the country’s downstream oil sector as well as effectively diversify Nigeria’s economy horizontally.