Social and Behavioral Sciences Commons^™

Is The Discovery Of Oil A Curse Or A Blessing To Nigeria?, Ahmed S. Saidu, Saidu B. Aliyu, Umar A. Zubair

Bullion

The discovery of oil in commercial quantity in Oloibiri in Niger Delta in 1955 opened a new chapter in the economic landscape of Nigeria. Before the discovery of oil resources, agriculture was the main source of government revenue. Over the years however, revenue from oil export become the backbone of the economy. The annual budget, which defines economic direction the country charts, is solely based on crude oil revenue. This situation can be likened to one putting his eggs in one basket. And it is exactly this situation that has become the major source of agitation by oil producing areas …