International records / OpenAlex research

Dependence on oil: What do statistics from Nigeria show?

Many economists have raised cogent concerns regarding the economic stability of Nigeria, given the volatility and in recent times, the decline in oil prices. Since the discovery of crude oil in commercial quantity in Nigeria in 1956 and the attendant oil boom in the 1970s, oil has been the thought and the talk of the country chiefly because of its associated quick and huge returns. The nation by way of dependence on this black gold has experienced rapid economic growth though in an inconsistent manner: this can be attributed to the volatility in the price of the crude oil upon which the countr…