TOPIC

                         NIGERIA OIL, BLESSING OR A CURSE? 

 

                                THE PROBLEM STATEMENT  

Before discovering commercial quantities of crude oil in 1956 in the town of Oloibiri in present-day Bayelsa State, Nigeria was renowned for its agricultural economy. Rubber from Delta State in the south-south area; groundnut and skin in the northern region; cacao beans in the western region; coffee and cocoa in the western region; and palm kernels (and oil) in the eastern region were key sources of foreign currency. The discovery of oil and other sources of revenue generation are supposed to speed development in different sectors. But instead, all other sources of revenue generation were neglected due to easy money coming from oil and gas. Even as that development has seized, some developmental projects before the oil discovery were abandoned, corruption tripled. One of the biggest drawbacks was the environmental damage, particularly to the aquatic environment, which impacted the indigenous population's principal source of income, fishing.

 

                          THE SIGNIFICANCE OF MY TOPIC

This topic will enable me to understand the impact of oil and how it would provide development to Nigeria.

 

                          WHY DID I CHOOSE THIS TOPIC?

This topic would help in understanding the true state of oil in Nigeria. I want to understand how oil has created wealth for the nation or contributed to the state of the mess the country is into.   

 

 

                                    BRIEF INTRODUCTION

The impact of oil on Nigerians has generated an unending debate. Some think that it is a blessing why others opined that it is a curse, depending on their perspectives. Although it has increased exports and money creation for Nigerians,  the discovery of oil has been a curse since it has caused the country to disregard other economic areas like agriculture and other industries like manufacturing, which would have had sound effects on the country's economy. If efforts are not made to diversify an economy, finding natural resources may negatively influence the Dutch disease theory. Nigerians have been debating this for a long time. This research aims to analyze both positive and negative viewpoints on the issue and conclude based on the available evidence.