Key Features:
- No of Pages: 19
- No of Chapters: 5
- Carefully written, extensively researched, comprehensive.
Abstract:
This paper looks at the oil sector in Nigeria, taking into consideration how long it has been the live wire of the Nigerian economy. It evaluates the achievements and faults of the sector.
This work focuses on the total reliance on the oil sector by the country with an aim of bringing the dark and bright sides to notice. For an unnecessarily long time, the Nigerian economy has relied almost solely on the ‘liquid gold’ as source of foreign exchange. It intends to establish if this phenomenon sits well with the country’s economy, peace, security, and general development. It has taken into evaluation some factors like; unemployment level, eco-system destruction, unequal distribution of the oil over the regions of the country, social unrest, security threats and neglect of other sectors caused by this total dependence.
In totality, this work should help the government, stakeholders and citizens decide whether it is wiser to keep depending on the oil sector solely rather than diversify the economy of this country (Nigeria).
Due to human limitations, this work may not be perfect, but endeavored to evaluate factors involved with all fairness and without bias.
Table of Content:
TABLE OF CONTENTS
Title i
Dedication ii
Acknowledgement iii
Preface iv
Table of Contents v
Chapter 1 1-3
1.1 Introduction 1-2
1.2 Definition of Terms 2-3
Chapter 2 : Nigerian Economy before and after the
Discovery of petroleum 4-5
2.1 Before the discovery 4
2.2 After the discovery 5
Chapter 3 : Problems of Total Dependence
on Oil 6-10
3.1 Direct problems 6-8
3.2 Indirect problems 8-10
Chapter 4 : Remedies to the Problems 11-13
Chapter 5: Conclusion 14
References
Introduction:
1.1 INTRODUCTION:
Earth is blessed with different natural resources. Some parts of earth are blessed with these resources more than others. These resources include water bodies, mountains, forests, wild life, mineral resources etc. When man got wiser, he realized the importance and usefulness of these resources. When man advanced even more in thought and civilization, ways to tap into these natural resources and make the best out of them were developed. The water bodies, sun, wind were harnessed to produce electricity for operating machines which were manufactured from mineral resources like tin, zinc, iron etc. Animals were used for food and hide for clothes and clothing accessories, the trees used for furniture and the list goes on.
Since these resources are not distributed equally all over the earth, comparative advantage came into play. The countries or regions which have more of a certain resource have advantage over other countries in that area. This made it necessary that trade must exist among countries in a bid for countries to get the benefits of those resources they do not have in their country. For a country to be able to make the best of its own abundant resource and use it as foreign exchange commodity, there must be effective management of every process involved. These processes include the tapping (mining, lumbering, fishing, farming, hunting etc), processing (refining, sawing, canning, skinning, ginning etc), storage, transportation, distribution and exportation among others. These processes are monitored, carried out, and managed by ministries; each to its own sector e.g. Ministry of Agriculture and Natural Resources is in charge of all agricultural process in the country, Federal Ministry of Industries is in charge of industrial activities, Federal Ministry of Petroleum Resources is in charge of the oil sector etc.
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