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EFFECT OF
OIL DROP ON THE ECONOMY OF NIGERIA
CHAPTER ONE
1.0
INTRODUCTION
1.1
BACKGROUND OF STUDY
One of the
greatest threats to economic and political development of any nation is
corruption (Mohammed, 2013). Corruption has been identified as one major
obstacle militating against rapid growth and development of the Nigerian
economy (Nagari, Umar & Abdul, 2013). It undermines good government,
fundamentally distorts public policy, leads to the misappropatriation of
resources, harms the private sector and private sector development, and particularly
it hurts the poor (Ajao, Dada & Olaoye, 2013). They also state that as a
result of the negative effects of corruption on development, Nigerian
government and international organizations seek for solution on how to combat
the menace. Researchers has that corrupt practices have been perpetrated in
governance, public and private places since the pre- colonial era to the
colonial period and through independence to present Nagari et al., 2013).
Corruption is an ancient practice that has been traced back to pre-biblical
time and made itself known in the ancient civilizations of developed and
developing countries (Nwankwo, 2014). Corruption is a disease, which eats into
political, cultural and economic growth of any country and destroys the
functioning of various organs of the government.
The rise of
public administration and discovery of petroleum and natural gas are two major
events seen to have led to a litany of ignoble corrupt practices in the country
(Wikipedia, 2014). Corruption steals money social programmes and services
through bribery, kickbacks and inflated pricing of contracts and public
projects (Obioma, 2012). He also notes that corruption breeds crises in the
country turn out to constitute some of the greatest dangers to the security of
the nation.
The level of
corruption and poor governance prevailing in the Nigerian system still remain
high, albeit there are so many efforts by economic and financial crime
commission (EFCC), independent corrupt practices and related offences
commission (ICPC), Transparent international, World Bank and many other
organizations to reduce it (Akinwale, 2012).
Baghebo and
Atima (2013) stress that since the Royal Dutch shell discovered oil in the
Niger Delta in 1956, precisely in Oloibiri, in Bayelsa state, the oil industry
has been marred by political and economic strife largely due to a long history
of corrupt military regimes, civil rule and complicity of multinational
corporations, notably Royal Dutch Shell.
Ribadu
(2006) as cited in Ajao, Dada and Olaoye (2013) say that the history of
corruption in Nigeria is strongly rooted in the over twenty nine (29) years of
military rule, out of forty six
(46) years
of her statehood since 1960. According to him, successive military regimes
subdued the rule of law, facilitated the wanton, looting of the public
treasury, decapitated public institutions and free speech and instituted a
secret and Opaque culture in the running of government business. The result was
total insecurity, poor economic management, abuse of human rights, ethnic
conflicts and capital flight. Prior Studies have looked at corruption in
Nigeria (Bakare, 2011. Lawal & Victor, 2012; Ogundiya, 2009; and Mohammed,
2013). However, no prior study has focused on corruption in the oil and
gas industry in Nigeria. Hence
there is need for this study.
The focus of
the exercise is on corruption in the oil and gas industry in Nigeria, keeping
constant the existence of corruption in the other aspects of the Nigerian
society economic, social, political, religious, academic institution and
corruption in the services, etc. the nature, types, consequences, efforts made
to reduce corruption in the oil and gas sector in Nigeria
1.2 statement of problem
over the
years the oil sector has really being the major source of Nigeria source of
income. Nigeria participated fully in forex because of the oil export, but
today there has being a huge drop in the price of oil in Nigeria. it is believe
that usa patronizes the Nigeria oil sector are no longer buying from Nigeria;
reason is because more oil sectors has being discovered, and these oil sector
sell at a subsidized rate compare to Nigeria. so for the country to remain in
business the price of oil must drop. voices were heard that this will have a
huge effect on the real gross domestic product.
1.3 research
questions
1. Does
crises and corruption have any effect on the oil drop in Nigeria?
2. Since
there is drop in the price of oil, meaning that export rate is reduced, why
can’t the government release the oil more to individuals?
3. is there
any way the government can reduce the effect of crises and corruption on the
oil production and exportation from Nigeria?
4. Is there
any way the government can settle crises and reduce corruption especially in
the oil sector?
5. Can the
real gross domestic product of the country grow with high rate of export?
1.4
METHODOLOGY
This paper,
which is part of a larger research project with a comparative research design,
aims to respond to this research gap. To this end, it uses a newly elaborated
comprehensive matrix of central contextual factors concerning the potential
relationship between resources and violence. Taking into consideration the
above‐mentioned assumptions of the recent and more differentiated branches of
the resource curse theory as well as the general theoretical approaches of
peace and conflict research (Imbusch 2005; Senghaas 2004) and the debate re‐
garding the “political economy of war” (Ruf 2003), this matrix consists of the
set of contex‐ tual factors presented in Table 1 below.
1.5 AIM AND
OBJECTIVES OF STUDY
1. To
determine the effect of export rate on the real gross domestic products
2. To
investigate the effect of oil drop on the availability of petroleum in Nigeria.
3. To
determine how to balance the export rate and the real gross domestic product of
Nigeria.
1.6
SIGNIFICANCE OF STUDY
By the end
of this research work, we shall be able to determine if there is a significant
relationship between the real gross domestic products, exchange rate, interest
rate, oil price and gross domestic capital. the research work will also
determine the effect of export rate on the real gross domestic product of
Nigeria.
1.7 SCOPE OF
STUDY
the primary
source of data for this research work was gotten from the cbn statistical
bulletin 2011 and the secondary date was gotten from books, journals etc, the
research work also made use of regression analysis and other econometric priori
test.
1.8
DEFINITION OF TERMS
real gross
domestic product: is a macroeconomic measure of the value of economic output
adjusted for price changes (i.e., inflation or deflation). this adjustment
transforms the money-value measure, nominal gdp, into an index for quantity of
total output.
gross capital formulation: is the total value
of the gross fixed capital formation (gfcf), plus net changes in inventories,
plus net acquisitions less disposals of valuables for a unit or sector.
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