Essay on Nigerian Oil Dependence

 In this it has been mentioned that the exploration of oil in international quality in Nigeria in the era of 1956 and there production which has been begin with the outcome which is almost 51,000 barrel per day and has been aroused to the peak of almost 2.3 million barrel per day and has been observed as one of the biggest thig which has been held in Nigeria. Moreover, the oil wealth which had been rated. (Eugene & Elem, 2017)The situation of Nigeria is quite pathetic and all the revenue has been originated and the country unable to utilize the wealth to enhance the living standards for the habitants. Nigeria in the recent days as a poor country despite from all of the oil wealth and has consistently categorized as the 20^th poorest country of the universe as seventy percent of the population. This theory elucidates that countries with plentiful resource such as oil and other forms of reserves usually have fewer economic growth and inferior development consequences than countries with rarer natural resources. experts have confidence in that though reserve curse has not worldwide, but it touches specific types of countries under certain condition.

Nigeria has been disparaged on the level of undesirable effect of oil wealth on their economy. Furthermore, most of the countries observe oil wealth as a substance for financial development, the condition in Nigeria is changed. Since oil had been explored in international quantity in Nigeria over fifty years ago, most of the individuals observe  the sovereignty of oil as a swearword, significantly when adjudicated from the level of poverty within the country, the disparity among the rich and the poor, the joblessness rate, no education, life expectation et cetera. (Ajibola, Alao, & Enilolobo, 2017)Though obtainability of oil wealth did not on its own inaugurate poverty, the issues has been presented with the implementation of such income by the cream of the crop as these proceeds always diverge from the financial target, a condition that has move forward to the abandonment of other subdivisions of the economy.

As well as in this it has been mentioned that the disagreement which has been made on detailed explanation of poverty has been sustained the involve the consideration of academics all around in the universe. Moreover, this shoots from the complicated nature of poverty and the relativeness of the perception of poverty which avoids agreement. in this regard some of the Experts have sustained to argue that arbitrating from the latest economic condition in the country that the attendance of oil in the country has become a expletive despite from the blessing. This stalk from disappointment of Nigeria to economics the financial accessories of the oil and progress other subdivisions of the cheap, especially developing, framework, has twisted it into a profanity. (Grace & Ezinwa, 2019)

Nigeria holds the steamy climate with opulent shrubbery and varied range of harvests that produce all over the year. Nigeria should have been probable today to be one of the largest exporters of range of farm products which will have promoted the country as it will have giving tons of nourishment, develop jobs, uncooked materials for other segments as well as advanced income, but closely oil had been explored in profitable amount. (Dele, 2019)This is a vibrant appearance that oil wealth has been used appropriately holds the blessing to the states. The privileged of the country then were the lawfulness of the individuals until the early 80s when the budget begin to observer a down turn, a condition which will move toward the administration to the overview of Organizational Adjustment Programmed which its applicable deteriorated the whole economy. Although in the end of the study it has been viewed that poverty has been spread in the country of Nigeria due to inequality. The study also postulates that oil has a rule and that the misemployment of such rule goes to a swearword since the country anxious failed to do.

References of Nigerian Oil Dependence

Ajibola, Alao, A., & Enilolobo, O. (2017). Impact of oil revenue and exchange rate fluctuation on economic growth in Nigeria. Journal of Management & Administration, 77-104.

Dele, B. (2019). Oil Centrism and Nigeria’s Political Economy. In The Political Economy of Federalism in Nigeria,, 57-77.

Eugene , N., & Elem, E. O. (2017). OIL WEALTH DEPENDENCE AND POVERTY IN NIGERIA. SOUTH EAST JOURNAL OF POLITICAL SCIENCE.

Grace , O., & Ezinwa, V. C. (2019). ISSUES AND PROBLEMS OF DIVERSIFYING THE NIGERIAN ECONOMY BEYOND CRUDE OIL WEALTH. INTERNATIONAL JOURNAL OF MANAGEMENT, SOCIAL SCIENCES, PEACE AND CONFLICT STUDIES.