Oil Industry and Nigerian Development

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Oil Industry and Nigerian Development

Oil is one of the most valuable natural resources in the world today. The oil industry carries with it a great deal of economic and political power across the globe. Having oil, or any natural resource, as a prime source of revenue has long been debated as being an advantage or a drawback. In any case it should at least lead to increased revenue and financing of industrial growth which, arguably, is related to an increase in the quality of life of the population. In the case of Nigeria, the oil industry is a double-edged sword. Since the discovery of oil in 1956, the oil industry in Nigeria has greatly increased the financial resources of Nigeria, and yet has proven a constant stumbling block in the creation of effective internal capability. The development of cutting edge technology and infrastructure, considering the resources available, has been marginal and the oil industry itself has not been extremely competitive (at least in expectations) on the global market. As the largest nation in Africa, a safe assumption should be that Nigeria is among the leaders in development as a whole, or at least be progressing toward that. The oil industry has, however, interfered somewhat in the development of alternative industries. In addition, even though it is directly associated with problems in leadership, corruption has been established as a normal order of business in Nigeria’s government and dealings with oil and has grown along with the industry. While the oil industry has introduced many significant problems in Nigeria, both socially and economically, there is still promise in what it can provide for the nation while oil remains in abundance. There are some positive examples across the glob...

... middle of paper ...

...formation Administration, Dept. of Energy. 31 Oct. 2004 .

Nigeria: Oil and Gas Industry. 12 July 2000. Mbendi: Information for Africa. 31 Oct. 2004 .

Nigeria: Oil, Poverty, and Rights 2. 4 July 2002. Africa Action. 1 Nov. 2004 .

OIL AND NATURAL GAS IN NIGERIA. Human Rights Watch. 11 Feb. 2005 .

Olukoya, Sam. Oil Industry Crisis Worsening. 29 July 2004. Inter Press Service. 1 Nov. 2004 .

Rodriguez, Fransisco. Why Do Resource Abundant Economies Grow More Slowly? 10 Mar. 2005 .

Stevens, Christopher. Nigeria: Economic Prospects to 1985. London: EIU, 1982.

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