the economic impact of oil exploration on the Nigerian economy
Table of Contents
Abstract: 1
Introduction: 2
The categorization of Nigeria economy 3
Chapter 1: The discovery of oil and the Nigerian economy 4
Type chapter title (level 2) 5
Type chapter title (level 3) 6
Abstract:
Nigeria has remained a point of reference in Africa and on global level. This is stem from the fact that, it is one of the largest exporters of crude oil to developed nations of the world. For more than three decades therefore, crude oil has been the major hub of the energy, revenue and foreign exchange earner for the Nigerian economy. In spite of vast quantity of crude oil for exportation, the country is still suffering from the insensitivity of the government to put in place sound policy that will help to address the problem of oil exploration on the Nigerian economy. Against this background, this study intends to show the economic impacts of crude oil exploration on the economy of Nigeria. Methodologically, growth model and cointegration analysis will be used to explain why countries with many natural resources tend to grow slowly than resource- poor countries. [Perkins, et. al., p. 70].
Introduction:
Nigeria politically is sovereign entity bond in the western region of Africa, a sovereign nation with a population of 150 million people according the 1999 population census, endowed with so many natural resources, however after 1960 Crude Oil became the backbone of Nigerian economy. It also plays a pivotal role in the economic bi-lateral relationship of Nigeria the other parts of the world in general. It has also shaped the political and economic destiny of Nigeria as a country. Although, Nigeria’s oil industry has been in existence since the beginning of the century, however it did not assume its place of prominence in the economic life of the country not until the end of the civil War in Nigeria known as Biafra War (1967-1970).
Before 1960 agriculture use to be the main stay of Nigerian economy, contributing over 60% of the
Abstract: 1
Introduction: 2
The categorization of Nigeria economy 3
Chapter 1: The discovery of oil and the Nigerian economy 4
Type chapter title (level 2) 5
Type chapter title (level 3) 6
Abstract:
Nigeria has remained a point of reference in Africa and on global level. This is stem from the fact that, it is one of the largest exporters of crude oil to developed nations of the world. For more than three decades therefore, crude oil has been the major hub of the energy, revenue and foreign exchange earner for the Nigerian economy. In spite of vast quantity of crude oil for exportation, the country is still suffering from the insensitivity of the government to put in place sound policy that will help to address the problem of oil exploration on the Nigerian economy. Against this background, this study intends to show the economic impacts of crude oil exploration on the economy of Nigeria. Methodologically, growth model and cointegration analysis will be used to explain why countries with many natural resources tend to grow slowly than resource- poor countries. [Perkins, et. al., p. 70].
Introduction:
Nigeria politically is sovereign entity bond in the western region of Africa, a sovereign nation with a population of 150 million people according the 1999 population census, endowed with so many natural resources, however after 1960 Crude Oil became the backbone of Nigerian economy. It also plays a pivotal role in the economic bi-lateral relationship of Nigeria the other parts of the world in general. It has also shaped the political and economic destiny of Nigeria as a country. Although, Nigeria’s oil industry has been in existence since the beginning of the century, however it did not assume its place of prominence in the economic life of the country not until the end of the civil War in Nigeria known as Biafra War (1967-1970).
Before 1960 agriculture use to be the main stay of Nigerian economy, contributing over 60% of the