Petroleum in Nigeria
by The development of petroleum in Nigeria: The history of oil industry in Nigeria is as old as the country itself.
The demand for oil products continued to outstrip supply, which made the government to officially open the Warri refinery in 1978 with a total capacity of 100,000 bpd, thereby giving the country its present day potential capacity of 260,000 bpd. The refinery was designed to refine 50 percent Nigerian light crude and 50 percent medium crude. As the output from all the refineries will then exceed demand, there will be a surplus available for export.
Positive Contributions of Petroleum to Nigerian Economy
- Petroleum has contributed immensely in increasing Nigeria’s national income
- Since 1958 when the first commercial shipments of oil were made, petroleum has been a major foreign exchange provider
- Since Nigeria started exporting refined petroleum products, her gloomy balance of payments has improved tremendously
- The oil industry in Nigeria is one of the major employers of unskilled, semi-skilled and skilled labor
- There is no doubt that petroleum has contributed in increasing the income per capita of Nigerians
- The development of basic infrastructural base for developmental purposes recorded an impressive performance in the 1970s as a result of revenue derived from petroleum products
- Petroleum products have made major impacts in increasing Nigeria’s capital expenditure
- Money realized from petroleum products has helped the government of Nigeria to embark upon the expansion of the existing educational facilities and the establishment of new ones
- From the money realized from petroleum products, the government of Nigeria gave health-care primary consideration
- Recreational and tourist industries received a big boost from the billions of naira realized from petroleum products
- The standard of living of the people of Nigeria improved as a result of provision of more employment opportunities, increase in per capita income, development of basic infrastructures etc
- Although agricultural sector was neglected as a result of the euphoria created by the presence of oil in Nigeria, food supply increased as a result of food importation with the huge money made available by petroleum products
- Oil has played a significant role in shaping Nigeria’s foreign policy since she gained independence in 1960
- The most positive contribution of petroleum to the Nigerian economy is economic growth
In conclusion, the positive contribution of petroleum in Nigeria has made Nigeria the giant of Africa to mention but few.
10
Liked it
Liked it
-
-
-
-
-
Post Commenteneanya esther
On April 1, 2008 at 10:09 am
ur acticle is parfect and wonderful
nickolas
On April 4, 2008 at 5:00 am
your article is perfect done
George Benjamin
On April 4, 2008 at 2:12 pm
u’doing a great job 4nigeria keep it up
temitayo
On July 12, 2008 at 4:46 am
great job keep it up we love
adebajo odutola
On June 6, 2009 at 5:39 pm
Your account of the evolution of oil in Nigeria is almost accurate but I take exception to 3, 9 and 10 of your list of positive contributions;
Nigeria’s balance sheet before the advent of oil was not gloomy though we earned about ten times what we earned pre-oil period.
The government of Nigeria has not given primary health care any meaningful consideration ditto tourism and infrastructure. What the Nigerian government has done is to pay lip service to the above social deliverables.