Nigeria: Oil Boom Reshapes the Future

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Periodical article

Title:	Nigeria: Oil Boom Reshapes the Future
Authors:	Pearson, Scott R. Pearson, Sandra
Year:	1971
Periodical:	Africa Report
Volume:	16
Issue:	2
Period:	February
Pages:	14-17
Language:	English
Geographic term:	Nigeria
Subjects:	petroleum extraction Agriculture, Natural Resources and the Environment Development and Technology Economics and Trade
Abstract:	The tremendous petroleum boom in Nigeria is of vital importance to its political and economic future. The future of the petroleum industry is tied up with the future of foreign private investment and the politically sensitive question of the division of powers and revenues between the federal and state governments. At present the oil industry is made up of private and government-owned foreign companies and one small private Nigerian company. As it became clear that large quantities of oil existed, the Nigerian government began to alter the terms of relationship to its own advantage. Petroleum production can contribute to the economic development in direct ways (incomes created in the process of producing oil) and indirect vays (contribution of resources for use in other parts of the economy; foreign exchange available to Nigeria). But few of these results will occur unless the federal and state governments make explicit policy decisions. Table with economic effects of oil production, 1964-73.