2021

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https://ir.duan.edu.ua/handle/123456789/3263

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Перегляд 2021 за Автор "Emachone, Sandra"

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    Документ
    The Impact of Oil Industry on the Economic Development of Nigeria
    (Університет імені Альфреда Нобеля, 2020) Emachone, Sandra
    The paper investigates the oil industry contribution to the economic development of Nigeria over the decades. Although exploration and production of crude oil started in Nigeria before the discovery of crude oil in commercial quantity in Oloibiri and Afam oil field in the Niger Delta region in 1956, Nigeria economic development before the oil boom in terms of Gross Domestic Output and foreign earnings was dominated by Agriculture and manufacturing sector. The oil boom in 1970s led to over reliance of Nigeria economy on crude oil as there were increase in its export and an increase in international price of crude oil. In recent time however, the steep-slope in the supply and price of crude oil globally has affected foreign export earnings of Nigeria, reduced Nigeria’s external foreign reserves, depreciated and weakened the naira against the dollar due to the dominance of oil in Nigeria export trade. The onward exploration, production and dependence of Nigeria economy on oil today contribute less to the GDP of the economy which has a great impact on its economy measured by GDP. Therefore, this study exposes the activities of the oil industry and the extent of its effect on Nigeria economy as the country has not fully diversify into the non-oil sector, particularly the agricultural and manufacturing sector despite the country’s potential to operate and develop the sectors. The study engages exploratory data analysis (EDA) adopting secondary data and statistics from international and national data sources to articulate and describe the important of oil revenue to Nigeria economy development from 1970s oil boom to recent decline in oil export and earnings. The findings demonstrate how oil dependency and revenue determine Nigeria economic development as affected by the fluctuations of international oil prices.