Petroleum in Nigeria
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What are the positive and negative effects of petroleum on Nigerian economy?
Please be specific, with evidence and references.
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Solution Summary
The solution determines the positive and negative effects on petroleum on Nigerian economy.
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Petroleum plays a dominant role in Nigeria's economy, providing as much as 90% of her earnings. In 1958, the share of oil in total export value was hardly 1%. Amazingly, this had risen to 97% in 1984 and has stayed above the 90% mark since then. Nigeria has now become the sixth largest oil producing nation in the world, and oil has contributed up to 25 to 30% of GDP in recent years. These days, the capital-intensive oil sector, provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues.
The Nigerian National Petroleum Corporation (NNPC) and Federal Ministry of Petroleum Resources (FMPR) are the two major regulatory bodies in NIgeria. So strategic is the petroleum sector to ...
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