Essay on dependence of the nigerian economy on crude oil

John Olotewo Akinwande A.

Essay on dependence of the nigerian economy on crude oil

Essay on dependence of the nigerian economy on crude oil

The Nigerian economy, especially the public sector, has been dependent on revenue from crude oil exports. As one of the top 10 oil producers in the world, previous administrations focused only on the oil sector as they believed that global economic growth would fuel the incessant demand for crude oil which would in turn guarantee sustained high prices.

As a result, growth and activity in the Nigerian economy has stalled as low oil prices have shrunk government revenue and negatively affected growth and profitability in the economy.

With no other major export, the Nigerian government has been forced to increase borrowing to make up for the shortfall in revenue. The current predicament Greece is in should be a lesson on how fiscal irresponsibility can result in debt spiraling out of control.

Fidel Alejandro Castro Ruz (Spanish: [fiˈðel ˈkastɾo] (listen); 13 August – 25 November ) was a Cuban communist revolutionary and politician who governed the Republic of Cuba as Prime Minister from to and then as President from to A Marxist–Leninist and Cuban nationalist, Castro also served as the First . The Negative Effect of Low Oil Prices on Nigerian Economy. International Journal of Online Marketing Research, 1(1), pp activities. The structure of the country has the oil sector. Nigeria is a major of crude oil and importance or of this commodity has been highly manifested in the nation’s economy. Starting from the early 70’s, the petroleum industry has become the dominant industry in the economy following quickly after the agriculture the .

A Cloud of Macroeconomic Uncertainty In addition to the effects of low oil prices, macroeconomic uncertainty has persisted as the Presidency announced that it would not make any key ministerial appointments until September. It intends to root out corruption, establish the framework for good governance and identify the most qualified candidates before making any appointments.

The Negative Effect of Low Oil Prices on Nigerian Economy | John Olotewo -

While the intent is to be commendedthe economy is at a standstill and investors are unwilling to invest in Nigerian financial markets due to the uncertainty surrounding national economic policy.

Major Economic Metrics Give Little Cause for Optimism The dire condition of the Nigerian economy due to the fall in oil prices has been highlighted by weaker economic indicators.

This trend persisted in the first half of as, figures released by the Nigerian Bureau of Statistics NBS show that annualised growth fell to 3. The dip in oil prices has made it even more essential for the new administration to establish economic policies that encourage the diversification of the economy.

Slower GDP growth sets the tone for more worrying economic metrics. The inflation rate has been constantly increasing and is currently at 9. The unemployment rate rose from 7. While this figure may seem acceptable when compared to 5. The groundnut pyramids in Kano and the textile industry that once employed over 1 million people are examples of vibrant industries that have been abandoned since the discovery of oil.

Lyndon B. Johnson - Wikipedia August 11, by articles 10 Comments The Impact of the Oil Sector on the Nigerian Economy In the process of reviewing past studies on the impact of crude oil on the Nigerian economy. There is the need to make certain classifications.
NEVER MISS A THING AGAIN! Subscribe to our newsletter Sakeena Ismeel Sakeena Audu A ICP Crude Oil and the Nigerian Economy Crude oil is a liquid found naturally in rock, containing mostly complex hydrocarbons, with some additional organic materials like sulphur. It is the major fuel used on the planet, and is used in the production of many synthetic materials like plastics as well.
The Impact of the Oil Sector on the Nigerian Economy - ArticlesNG Nigeria is a maritime nation with a coast line of about nautical miles nm and Exclusive Economic Zone EEZ of nm, which translates to an area of about nm2 available to be explored and exploited.
EDITORIAL: The Nigerian Economy and the Falling Oil Prices He belongs to numerous professional organizations and networks. In this interview he speaks on a number of issues affecting the Nigerian oil and gas industry.

Meanwhile, Nigeria's youth remain largely untapped as a resource. As a country whose economy and national budget has always been dependent on revenues from high crude oil prices, we are currently in uncharted territory.

The lack of diversification in the economy has put us in a precarious position where economic growth is largely dependent on one resource. With a new government in place, it is encouraging to see that plans have been put in place to clean out the inefficiencies in the oil sector, get refineries back online and most importantly diversify the economy and Federal Government revenue sources so that the country does not become overly reliant on borrowing.

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The Negative Effect of Low Oil Prices on Nigerian Economy. International Journal of Online Marketing Research, 1(1), pp activities.

The structure of the country has the oil sector. Crude oil is the stronghold which shapes the Nigerian economy, social life, and political destiny. Genova, Ademola. and Falola, Toyin in Oil in Nigeria: A Bibliographical Reconnaissance History in Africa, stated that crude oil discovery has had certain impacts on the Nigeria economy both positively and adversely.

Economy. The Nigerian Government, conscious of the over-dependence on Oil which constitutes about 95% of generated revenue, has embarked on many measures to give the Nigerian a new lease on life. As a follow-up to Tuesday’s post about the majority-minority public schools in Oslo, the following brief account reports the latest statistics on the cultural enrichment of schools in Austria.

Vienna is the most fully enriched location, and seems to be in roughly the same situation as Oslo. Many thanks to Hermes for the translation from The solution, he said, is to diversify the Nigerian economy and reduce its dependence on oil – a goal that many politicians have touted in the past, with mixed success.

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