NORWAY

Norway produces 2.4 million barrels daily,(Hundley, 2007). Is the 5^th world largest exporter of oil in the world. Oil reserves in Western Europe are the greatest of any nation in the region, with 5.497 billion barrels of proven reserves as of 2015 (OPEC 2015).

 

When it comes to avoiding the resource curse, Norway is frequently considered as a role model for other oil-rich nations. There has been a significant reduction in rent-seeking and corruption since oil was first found in 1969. It has become one of the world's leading producers of oil and gas. There were no major changes in the country's economic structure as a result of unexpected oil cash infusions, and existing industries were not affected. Norway also put its oil money to good use, investing it in long-term economic development (Sprang, et al.,2012).

 

Norway's performance as an oil-rich nation indicates that effective institutions can transform natural resources into blessings, whereas Nigeria's experiences are a vivid illustration of the resource curse. Prior to the discovery of oil, Norway had a sophisticated welfare state in place, unlike any other nation that has found oil riches yet. The welfare state was one of the organizations that ensured that the advantages of oil production were distributed fairly. When oil was found in Norway, the country already had a well-functioning democracy and solid institutions in place. High levels of public confidence in Norway's legal system and a long-standing reputation for its independence, competence, and integrity are the norms. In addition, Norway's legal system is one of the least corrupt (Ganintegrity,2020). Norway's excellent quality of life and well-being is a result of a strong rule of law and less corrupt institution.

                                                                      BEAUTY OF NORWAY