AN APPRAISAL ON THE IMPACT OF OIL INDUSTRY ON THE ECONOMIC DEVELOPMENT OF NIGERIA (A CASE STUDY OF SHELL PETROLEUM DEVELOPMENT COMPANY SPDC)
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AN APPRAISAL
ON THE IMPACT OF OIL INDUSTRY ON THE ECONOMIC DEVELOPMENT OF NIGERIA (A CASE
STUDY OF SHELL PETROLEUM DEVELOPMENT COMPANY SPDC)
ABSTRACT
This study
centre’s on the impact of oil industry in the Economic Development of Nigeria.
In investing the above data were obtained through questionnaires administration
method. The mean analysis method was used to analyzed the responses, elated
from respondents and meaningful conclusion drawn from it, it was discovered
that factors like the oil industry serves as the government revenue by paying tax,
granting loan to farmers to improve agriculture, creating employment
opportunity, providing social amenities are some of the impact of the oil
industry in order to improve the Economic Development of Nigeria.
TABLE OF
CONTENTS
Title page
Approval
page
Certification
Dedication
Acknowledgement
Table of
Contents
List of
Tables
Abstract
CHAPTER 1:
INTRODUCTION
Background
of the Study
Statement of
Problems
Objectives
of the study
Significance
of the study
Research
Question
Delimitation
of Study
Limitation
of the Study
Definition
of Term
CHAPTER II:
REVIEW OF THE RELATED LITERATURE
2.1 History of Shell in Nigeria
2.2 History of Government Participation in the
Oil Industry
2.3 Oil and the Nigeria Economy (Government
Expenditure)
2.4 Agriculture Sector
2.5 Government Revenue
2.6 Summary of literature Review
CHAPTER III:
RESEARCH METHODS
3.1 Research Design
3.2 Area of Study
3.3 Population of the Study
3.4 Sample and Sampling Procedures
3.5 Instrument of Data Collections
3.6 validation of the instrument
3.7 Reliability of the Data
3.8 Method of Data Analysis
CHAPTER IV:
DATA ANALYSIS AND RESULT
4.1 Research Question 1
4.2 Research Question 2
4.3 Research Question 3
4.4 Summary of Findings
CHAPTER V:
SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary
5.2 Conclusion
5.3 Recommendations
5.4 Suggestion for further Students
REFERENCES
APPENDIX
LIST OF
TABLES
Table1: Respondent’s Responses on the
effectiveness of oil
Industry in the Economic Development of Nigeria.
Table2: Respondent’s Responses on the major
factors
Limiting against the efficiency
of oil Industry in the Economic
Development of Nigeria.
Table3: Respondent’s Responses on the Possible
Measures and Strategies which could be employ to
enhance the productivity of oil industry for the
Economic Development of Nigeria.
CHAPTER I
INTRODUCTION
In this chapter, we will discuss on
the background of the study, statement of problem, purpose of the study,
significance and some research questions, the scope and the limitation of the
study.
1.1 BACKGROUND OF THE STUDY
Oil is said
to be a mixture of organic chemical derived mainly from the remains of
microscopic plants and animal that lives in sees millions years ago.
Special
condition and great length of times were needed for these remains to undergo
complex chemical changes to for oil. These are sometimes concentrated in
accumulations which man can detect and exploit.
Oil
exploitation began more than a hundred years ago, when drilling was carried out
near oil seeps which indicated that oil lay below the surface. Today, much more
sophisticated techniques are employed such as seismic surveying and satellite
imaging, powerful computers assist geologist in interpreting their finding. At
the end of the day however, only the drill can determine whether or not oil
lies blow the ground.
Nigeria
which has among the world leading producers of palm oil for over two centuries
has suddenly become one of the nations of the world with an average production
of 2.3millions of barrels per day.
Nigeria’s
oil industry has an interesting element in common with the country’s once
celebrating palm oil industry. The palm oil trade was a crucial factors
influencing the British to maintain and later Amex the territory (The oil
Rivers protectorates) in the later party of the 19th century, at the peak of
the European scramble for Africa. This is the same location that today habours
most of the Nigeria oil exploitation. The oil industry in Nigeria is one of the
leading sectors of the economy. It has risen to position of prominence and has
become the pivot of the Nigerian economy since its inception in 1952s. However,
after two decade of the oil boom, the industrialization of the economy has
remained a mirage.
Nigeria
hitherto was on agriculture producing economy in the past the export of the
economy consisted mainly of agricultural products such as cocoa, rubber and
groundnut etc. the picture has changed dramatically and lilted towards the oil
industry while other sectors of the economy including agriculture have
contained o lag behind. Little wonder then that the country have contained
import food substantially which is ironical in view of the fact that
agricultural is still the mainstay of the economy employing about seventy (70)
percent of the population.
By the
earlier 1990s, petroleum production accounted for over ninety (90) percent of
foreign exchange receipts (oil export accounted for ninety seven (97) percent
of local export receipts) ten (10) percent of GDP. However, more importantly,
the rising oil revenue and declining GDP of the late 1980s suggest that the
impact of the oil boom in the earlier decades was so detrimental to non-oil
economic activities that even increasing oil revenue after the low rate of 1986
were not sufficient to initiate or sustain a GDP recovering. Some structural
aspect of the economy reveal the failure of Nigerian oil revenues to provide
the impetus for growth in other sector and describe the basis for what has been
essentially uneasy manage between energy and economic growth in the country per
capital income has declined for about $1,000 (in current dollars) in 1980 to
about $240 in 1991. The evolution in the structure of production shows that the
share of agriculture in GDP has decline to 37 percent in 1997 and 41 percent in
1986, despite the introduction of the structural adjustment programme (SAP)
which emphasized the need to re-establish agriculture as a growth sector.
The share of
industry (Manufacturing plus mining) however increased from 29 percent in 1986
to 28 percent in 1991 but more importantly, there has been almost no change in
the share of manufacturing (around 7-8percent) over the past ten years, oil
revenues it is clear that it has not succeed in the strengthening either the
manufacturing or the agricultural base on the economy. Furthermore, the oil
boom year and massive government expenditure or what was primarily
infrastructure and other non-tradable did not prepare the economy for the oil
production cutback of the early 1980s and the price shock to 1986.
The external
debt has consequently increased from a manageable $20 billion in 1980 to about
$30billion in 1992. The servicing of the debt is as the economy as a whole,
highly dependent on oil revenues while the oil industry invariably received
much from successive Nigerian government and foreign oil companies received the
necessary inventories 5o ensure that their continued presence, the story of oil
in Nigeria is one of the missed opportunity administrative disorganization,
increase in public expenditure, increasing dependence on oil revenue economy.
1.2 STATEMENT OF PROBLEM
As the leading sector of the economy,
the oil industry should have some positive spill over into the other sectors of
the economy such as technological transfer forward and backward linkage.
The fast growing population rather
acquired a taste for a high quality of life and social well being was
emphasized at the rest of the economy. This oil industry is virtually an
enclave which is integrated more with the economies of Europe, America and
France than Nigeria. The Nigerian economy has become dependent on oil revenues
over the past decades. During the 1986-92 periods, oil export revenues
increased at an average of 13 percent per annum which GDP measure in current US
Dollars, decreased by an average in oil export revenues increased at an average
in oil export revenues along side that continuing decline of the non-oil
economy implies higher dependency.
Over the years, the contributions of
the oil industry to the growth of Nigeria economy are great. On this premise,
the researchers want to appraise the impact of oil industry on the economic
development of Nigeria. Using SPDC as a case study.
1.3 PURPOSE OF THE STUDY
The major
objective of the study is to determine the impact of oil industry in the
development of Nigeria. The objectives include;
1. To identify precisely the contribution of
shell in Nigeria economic development.
2. To identify the effect of oil revenue on the
sector of the economy.
3. To point out the negative roles of shell and
the oil industry.
1.4 SIGNIFICANCE OF THE STUDY
Nigeria oil industry has an
interesting element in common with the country’s once celebrates palm oil
industry. In view of this, the importance of the first place shows that Nigeria
hitherto was an agricultural producing economy. Oil industry in Nigeria today
is one of the leading sectors of the economy. It has risen to a position of prominence
and has become the pivot of the Nigerian economy since its inception in 1859’s.
1.5 RESEARCH QUESTIONS
The researchers have the following
question in mind while carrying out his/her research work.
i. How effective is the activities of the oil
industry in the economic development of Nigeria?
ii. What are the major problems limiting the
efficiency and productivity of the oil industry with regards to the economic
development in the Nigeria oil industry?
iii.What
possible measures and strategies could be employs, to enhance the efficiency
and productivity of the oil industry for economic development of Nigeria?
1.6 SCOPE/DELIMITATION OF THE STUDY
The research project will be
restricted to shell company in order to examine the impact of oil industry on
the economic development of Nigeria, we have to limit the scope of the study.
The sector in the economy which are
influenced by oil revenues will from an integral part of the scope.
1.7 LIMITATION OF THE STUDY
The researcher faced a number of
limitations in the course of carrying out this study. The greater identifiable
constraints were time, finance or cost and literature materials.
Time
factors: Time was the major constraint on the part of the researcher, the
researcher had other courses to take alongside seminar and term papers.
Finance: The
problem of finance cannot be over emphasized. In this work, the cost of
obtaining materials, transportation to SHELL PETROLEUM DEVELOPMENT COMPANY
(SPDC) at port-Harcourt, Photostatting the materials, buying stationeries,
typing and binding increased the financial constraint of the study.
Literature
materials: The relative scarcity of material and the reluctant of the oil
companies especially shell to part with information related to the oil industry
also contributed to the constraints encountered by the researchers.
Despite this limitation, efforts has
been made to provide a reasonable work.
1.8 DEFINITION OF TERMS
The researcher defines the following
terms to help for easy understanding of the study. Thus:
Revenue: The Money that is received by
government from taxes or that an organization etc receives from business.
Economy: The relationship between production
trade and the supply of many in a particular country or region.
Expenditure: An amount of money that is spent on the essence of something.
Mainstay: A person or thing that is most important
part of something and enables it to exist or be successful.
Industry: The collection of individual firm to
produce similar commodities or the production of goods from raw materials
especially in factories.
Oil: Thick liquid that is found in
rock under the ground.
Barrels: A large round container usually
made of wood or metal with flat ends usually covered sides.
Per
capital: For each person.
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