The media are awash with discussions of the US becoming the largest oil producer in less than a decade and to be self-sufficient in energy in about two-decade's time. That means a lot for Nigeria since the US has been the largest buyer of Nigeria's crude oil. Losing one's largest customer only to see the erstwhile customer becoming a major competitor is a dreaded nightmare for any business outfit. India and China may not necessarily have the capacity to buy off what the US is predicted to leave off as there are potentially new players like the countries of East Africa, Brazil and Canada coming on the scene or strengthening their hold on the market. It is also important to note that the shale business may also thrive in China, a country that is estimated to have the largest shale gas reserve. This paper investigates the far-reaching implication of these strategic developments and prospects on the future of oil and gas production in Nigeria and on the Nigerian economy which is currently heavily dependent on petroleum revenue. It concludes that Nigeria can only have a chance if it aggressively increases it local energy utilization and become more competitive in the oil and gas business by improving community integration and environmental responsiveness, transparency, professionalism and efficiency.

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