Crude Oil And The Nigerian Economy
oiltrain17
Posts: 25
in Business
a
Nigeria before the advent of crude oil was basically an agrarian economy.The then regions, viz:the Northern,Western,Eastern and later the Mid- Western regions were all known for their agricultural produce.In the north,was the groundnut pyramids,cocoa was for the west while palm oil for the east.
History is littered with the great achievements and economic prosperity attained by each of these regions.There was a clear sustainable economic growth built atop a consistent rise in the Gross Domestic Product (GDP) and better living standards.The pinnacle of these exploits in agriculture was attained when Nigeria became a leader in commodities export.
The discovery of oil ushered us into a new epoch.The instant prosperity and easy life it brought became our greatest undoing.The gross neglect of other sectors, especially agriculture, has locked us in the path of a mono-product economy,depriving us of the benefits of diversification.Oil today has become a principal denominator of our economy,as major economic decisions like budgeting etc are determined by the price of crude oil.
The attendant official corruption and other malpractices that the discovery of crude oil bequeathed, have left us with nothing to show for years of oil exploitation.If there is any legacy,then it is those of monumental misery,environmental devastation,harrowing poverty and a squandered patrimony.
Nigeria before the advent of crude oil was basically an agrarian economy.The then regions, viz:the Northern,Western,Eastern and later the Mid- Western regions were all known for their agricultural produce.In the north,was the groundnut pyramids,cocoa was for the west while palm oil for the east.
History is littered with the great achievements and economic prosperity attained by each of these regions.There was a clear sustainable economic growth built atop a consistent rise in the Gross Domestic Product (GDP) and better living standards.The pinnacle of these exploits in agriculture was attained when Nigeria became a leader in commodities export.
The discovery of oil ushered us into a new epoch.The instant prosperity and easy life it brought became our greatest undoing.The gross neglect of other sectors, especially agriculture, has locked us in the path of a mono-product economy,depriving us of the benefits of diversification.Oil today has become a principal denominator of our economy,as major economic decisions like budgeting etc are determined by the price of crude oil.
The attendant official corruption and other malpractices that the discovery of crude oil bequeathed, have left us with nothing to show for years of oil exploitation.If there is any legacy,then it is those of monumental misery,environmental devastation,harrowing poverty and a squandered patrimony.
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