Research Paper
abdulhamidmustapha. Nce, Bsc.Ed (Udus)
ABU – ABDULSALAM (AL – CHEMIST)
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IMPACT OF OIL EXPORT ON ECONOMIC GROWTH IN NIGERIA FROM 1970-2006. By AFOLABI KHADIJAT DECEMBER, 2011
December 29, 2011 by abdulhamidmustapha
CHAPTER ONE
INTRODUCTION
1.0 PREAMBLE
Nigeria economy is basically an open economy with international transactions constituting an important proportion of her aggregate economic activities. Over the years, the degree of openness of the economy has grown considerably.
Before Nigeria gain her political independence in 1960, agriculture was the dominant sector in the economy, which provides both cash crops and food crops to the economy and accounted for the largest part of the foreign exchange of the country. But, the discovery of crude oil production in commercial quantities changed the structure of the Nigerian economy. This led to the neglect of agricultural product, making the economy to depend heavily on production of crude oil. In 2000, oil and gas export accounted for more than 98% of export and about 83% of federal Government Revenue. (Odularu 2008). Nigeria’s proven oil reserves are estimated to 35billion barrels, Natural gas reserves are 1000 trillion fti (2,800kmi) and its crude oil production was around 2.2million barrels (350,000mi) per day. (Odularu 2008).
Furthermore, the oil and natural gas export generated huge revenue to the government and have a surplus balance of payment over the years. It was reported that 80% of Nigeria’s revenue goes to the government, 16% spent on administrative expenses and 4% go to investors. The huge revenue from oil export only benefit 1% of the population due to corruption in Nigeria. ( Odularu 2008). Mismanagement over the years back hindered economic reforms from achieving its full economic potentials.
However, Nigeria
ABU – ABDULSALAM (AL – CHEMIST)
Menu
Skip to content
Home ADVERTS Contact GALLERY Home JOKES My POA. Jci-Udus 2011 PROFILE Psychology Researches SPEECH
IMPACT OF OIL EXPORT ON ECONOMIC GROWTH IN NIGERIA FROM 1970-2006. By AFOLABI KHADIJAT DECEMBER, 2011
December 29, 2011 by abdulhamidmustapha
CHAPTER ONE
INTRODUCTION
1.0 PREAMBLE
Nigeria economy is basically an open economy with international transactions constituting an important proportion of her aggregate economic activities. Over the years, the degree of openness of the economy has grown considerably.
Before Nigeria gain her political independence in 1960, agriculture was the dominant sector in the economy, which provides both cash crops and food crops to the economy and accounted for the largest part of the foreign exchange of the country. But, the discovery of crude oil production in commercial quantities changed the structure of the Nigerian economy. This led to the neglect of agricultural product, making the economy to depend heavily on production of crude oil. In 2000, oil and gas export accounted for more than 98% of export and about 83% of federal Government Revenue. (Odularu 2008). Nigeria’s proven oil reserves are estimated to 35billion barrels, Natural gas reserves are 1000 trillion fti (2,800kmi) and its crude oil production was around 2.2million barrels (350,000mi) per day. (Odularu 2008).
Furthermore, the oil and natural gas export generated huge revenue to the government and have a surplus balance of payment over the years. It was reported that 80% of Nigeria’s revenue goes to the government, 16% spent on administrative expenses and 4% go to investors. The huge revenue from oil export only benefit 1% of the population due to corruption in Nigeria. ( Odularu 2008). Mismanagement over the years back hindered economic reforms from achieving its full economic potentials.
However, Nigeria
References: Adedipe. B. (2004), “The Impact of Oil on Nigeria’s Economic Policy Formulation”. Akanni, O.P (2004) “Oil Wealth and Economic Growth in Oil Exporting African countries”. AERC Research paper 170. Answer .S.M, R.K. Sampath (1997) “Exports and Economic Growth” Presented at Western Agricultural Economics Association Annual meeting. July. Bullion publication of CBN, vol.32, No.2, April-June, 2008. Chukwu and etal (2010) “Oil Price Distortions and their short and Long-Run impacts on the Nigerian Economy”. MPRA paper No. 24434, August. Debel .G. (2002), “Exports and Economic Growth in Ethiopia”. An Empirical Investigation. Ehanmo .J. N. (2002), “Is sustainable Development Compatible with Economic Growth in An Oil Dominated developing economy?” A case study of Nigeria. Elbeydi and etal (2010), “The relationship between Export and Economic Growth in Libya Arab Jamairiya”.Theoretical and Applied Economics, vol. xv11,No.1(542), pp. 67-76. Esfahani K., M.H Pesaran (2009) “Oil Exports and the Iranian Economy”. IZA Discussion paper No. 4537 October. Odularu, .G.O (2008), “Crude oil and Nigerian Economic Performance”. Odularu, .G.O., C. Okonkwo, (2009), “Does Energy Consumption Contribute to the Economic Performance?” Empirical Evidence from Nigeria. Rahmadi .R. (2011) “Exports and Economic Growth in Indonesian”A causality approach based on Multi-Vitiate Error Correction Model.Journal of International Development and Cooperation, vol.17, No.2, pp.53-73. Samad .A. (2011) “Exploring Exports and Economic Growth Causality in Algeria”. Journal of Economic and Behavioural Studies, Vol. 2. No 3, Pp, 92 – 96. March. RELATIONSHIP BETWEEN METRIC SPACE AND TOPOLOGICAL SPACE: A CASE STUDY OF THE PHYSICAL STRUCTURE OF THE NIGERIAN MAP. BY AREMU KAZEEM OLALEKAN. DECEMBER, 2011 → Leave a Reply