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Nigeria, like other developing countries of the world is paying more attention on how to accelerate the rate of her development through the various sectors of the economy. Petroleum or crude oil is an oily, bituminous liquid, consisting of a mixture of many substances mainly the elements of carbon and hydrogen, and thus known as hydrocarbon.
It also contains a very small amount of non-hydrocarbon elements, chief amongst which are sulphur, nitrogen and oxygen. The petroleum industry covers the exploration and production of crude oil as well as petroleum refining, marketing and servicing.
Specific policy objective with respect to petroleum and mining can be summed up as follows: Active government participation in mining operations, diversifications of mineral products, the organization and regulation of the development of mineral reserves so as to optimize their contributions to the overall national development effort; the conservation of the countries mineral resources, research into efficient extraction methods and wider application and use of mineral manpower development and accelerated transfer of technology, achievement of internal self sufficiency in the supply and effective distribution of petrol-industry products, commercialization of gas, and the control of the environmental problems of oil production.
Petroleum either as petroldiesel, fuel oillubricant or petrochemical makes Nigeria economic wheel go round. Petroleum has transformed poor nations into rich ones, deserts into watersheds and bankrupts nations into creditors.
Specifically, with regards to Nigeria, there is no gain saying that oil sector has undergone tremendous transformation over the years. No other resource in Nigeria has played such a towering role over the national economy as crude oil.
The government of Nigeria has used the revenue derived from oil through tax and royalties to carry out development projects in the country.
This study, therefore, aims to illustrate clearly the impact of the oil industry on economic growth performance in Nigeria. Since its discovery, petroleum has impacted so much on Nigeria economy, these impacts are both positive and negative.
Some scholars have advocated for the shifting of emphasis from oil industry to other sectors owing to their belief in the negative fallouts of the oil industry.
Some others opined that the sector should be promoted and developed for its benefits.
These opposing views have created the problem of acceptance or otherwise of the oil industry in Nigeria. All these and many more questions pose contradiction, hence; the need to investigate on this all-important topic.
You have to show enough cause why you have decided to go into this research work. In view of the controversy with respect to the relative contribution of the oil sector of the Nigeria sector as compared with the other sectors, it is imperative to establish empirically the relative impact of the oil industry in the Nigeria economy.
By the end of the research the study aims at achieving the following objectives: Based on the objectives of the study, the researcher has formulated the following hypothesis to guide this study: SCOPE This research work is an investigation into the impact of the oil industry on economic growth performance in Nigeria for the period ofspecifically, a period of thirty-one years.
In carrying out this research work, the researcher encountered some difficulties. The first of such constraints or difficulties concerns data. There was the problem of data inconsistency as data collected from different sources on one variable showed some discrepancy.Register with us today and in less than 60 seconds continue your access to: Latest news headlines Analytical topics and features Commodities videos, podcast & blogs Sample market prices & data Special reports Subscriber notes & daily commodity email alerts.
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We operate container vessels and . Nigeria is currently positioned as the largest economy in Africa and is poised to become the largest market in Africa for IPP projects. As the country aims to increase total installed capacity to 20,MW by and with the unbundling of the oil and gas sector, and privatisation of the power sector underway, new generation capacity is going to rely solely on private sector investment.
Performance Of Economic Growth In Nigeria ( – ) – Impact Of Oil Industry. Economic Growth In Nigeria – Impact Of Oil Industry. Economy is the backbone of any nation.
Nigeria is the largest oil and gas producer in Africa. Crude oil from the delta basin comes in two types: light, and comparatively heavy – the lighter around 36 gravity and the heavier, 20–25 gravity.
Both types are paraffinic and low in sulfur.