Petroleum and Nigeria’s Economy: A Paradox of Global Reality since 1956

Abstract

Petroleum, which is also known as “black gold” was discovered in commercial quantity in Nigeria in 1956. The discovery was unmistakably assumed to mark a turning point for radical economic transformation and development in Nigeria. However, over fifty years of petroleum exploration have left many people in dilemma whether it is a curse or blessing.  Instead of economic progress, Nigeria seems to plummet despite the multi-millions petrodollars accruable from daily explorations. This sharply contrasts with the experiences of countries like Saudi Arabia, Venezuela, Libya and Qatar among others. It is based on this background; this study takes a panoramic historical investigation into this paradox of reality considering the current trend of economic doldrums and poverty in Nigeria. The study uses historical and comparative tools of analyses to provide insight into the petroleum exploration within the nexus of  two schools of thought.

Keywords: Nigeria, Petroleum, Agriculture, Niger/Delta, Poverty and Corruption.