Essay on dependence of the nigerian economy on crude oil

He belongs to numerous professional organizations and networks. In this interview he speaks on a number of issues affecting the Nigerian oil and gas industry.

Essay on dependence of the nigerian economy on crude oil

It has dictated the pace of economic, political, social and cultural progress in the country. It is both the most important source of energy and the largest internationally traded commodity.

The search for oil in Nigeria was dated back to when the colonial government set up mineral survey corporation, No significant result was achieved. The Nigerian oil industry is years old this year because the very first attempt to find oil in Nigeria was made in Fifteen wells were drilled between and without success.

Unfortunately, the outbreak of the Second World War interrupted the attempt. Initially, all crude oil produced in Nigeria was exported without being processed.

Most of the by-product of petroleum was imported because Nigeria had no refinery. Bythe first oil refinery was commissioned in Nigeria at Port-Harcourt. Nigeria joined organization of petroleum exporting countries OPEC in The Port-Harcourt refinery is the oldest refinery with capacity of 35, barrels of crude oil per day.

It has a capacity ofbarrels of oil per day. It has been updated to aboutbarrels per day now. It has been updated to aboutbarrels per day. Now Nigerian supplies about 1. In general development, there is nothing short of truism that there have rapid charges in the spheres of economic and social life of Nigeria due to the emergence of oil in national lives.

This discovery of oil has systematically submerged agricultural sector which used to provide the bulk of our revenue. This sector has been neglected for oil sector.

Also the previous impact of the good work of the petroleum trust fund PTF cannot be over emphasized.

Among the major world producers with an output of million tons in Because of its limited internal market, it exports largest proportion of its output.

Today, urban and rural development in parts of the country can be traced to the oil wells located in the remote villages of the country where oil continues to gush out day and night. It is the oil of these villages that has brought sky crappers, express roads, development of federal capital territory FCT fly over and other physical structures to cities and towns, which are from the gushing wells.

Furthermore, with the over growing contribution to Gross Domestic product, one should not consider it as an over statement by saying that the Nigerian economy is highly dependent on the oil sector for its economic activities and hence concluded that crude oil is now the mainstay or power of the Nigeria economy.

The provision of 2 percent for agriculture and agriculture research institutes.

Essay on dependence of the nigerian economy on crude oil

Earnings from oil sector alone in and as a result of Arab League was between Israel and Palestine and gulf war about 17 billion Nigeria were relies over then. There is lack of infrastructural facilities; her educational system is at the verge of collapse because of underfunding and mismanagement.

Therefore, even in the oil sector and its associate revenue, a question is then asked, where are we going? What will be our future and how will I look with all the potentials of the oil sector or revenue, is oil responsible for the boom or doom of the Nigeria economy, how are we going to turnover present curses to better our situations.

In this work, I hope to meet the challenges of providing some successions as a solution to these problems.

The Negative Effect of Low Oil Prices on Nigerian Economy | John Olotewo -

To examine the impact of oil sector on Nigeria economy. To examine the relative contribution of oil revenue on total government income and government capital expenditure. To evaluate the findings and make a necessary recommendations. The oil sector has made no significant impact on Nigerian economy.Latest news, expert advice and information on money.

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Crude oil is the stronghold which shapes the Nigerian economy, social life, and political destiny.

Essay on dependence of the nigerian economy on crude oil

Genova, Ademola. and Falola, Toyin in Oil in Nigeria: A Bibliographical Reconnaissance History in Africa, stated that crude oil discovery has had certain impacts on the Nigeria economy both positively and adversely.

The Nigerian economy remains vulnerable to changes in crude oil prices as we derive 70% of export revenue and 90% of foreign exchange earnings from crude exports. Brent Crude, the international benchmark for crude oil prices, is currently priced at about $49 per barrel, below the $53 per barrel benchmark set for the national budget.