Oil-dependent nations face economic turmoil as revenue dwindles, diversification urged
The article compares how Nigeria, Venezuela, and Norway handle declining oil revenue. The researchers used surveys and data analysis to show that when oil prices drop, Nigeria and Venezuela borrow money, while Norway uses its savings. Norway's approach helps avoid problems caused by relying too much on oil. The study suggests that these countries should find other ways to make money, improve security to attract investors, manage funds better, and invest in their people. The researchers also propose an economic model to help these countries deal with less oil money as cleaner energy sources become more popular.