NIGERIA

The Dangers of Nigeria overly dependent on Oil Revenue for Economic Development

Abstract

1) The Title: The hazards of Nigeria overly reliant on Oil Revenue for financial Development

2) Key Questions: What will become of Nigeria Economy when the Oil Wealth along with the revenue generated from which is the main stay of the County's economy dries up?

3) Key control and respect locality: Economics journals, financial and enterprise newspapers, the net.

4) Proposed research method:

Will research through internet, recent publications and revenue recourses, budgetary proposals, by browsing the sites of Nigeria Ministry of Finance, the Ministry of Petroleum and Commerce

Browsing through recent IMF research and publications on Nigeria, UNICEF publications and other research on Nigeria Economic History and Economic system.

Browse through Economics and Financial journals and articles, and the net for articles to related subject in questions

Visit home (Nigeria) to get opinions from several office holders of and staffs on the subject.

5) Research Purpose

The purpose of the thesis is to make the policy makers of Nigeria aware of the dangers, the effects of Nigeria economy that is overly dependent on oil revenue for economic development, and the need to explore and develop other valuable sources for foreign exchange earnings. As a graduate student in Economics, I would like to go back to Nigeria in the future, and apply my knowledge in economics and help develop the country and bring it to the second world developed country.

The basis of this paper is to analyze the implications and dangers of the government overly reliance on oil revenue for economic development, while ignoring other real and potential resources that has been the foreign exchange earning power, and vast other resources that can be developed to substitute oil resources. Also analyze various developmental economists on the issue of development in Nigeria. The main question is where has the almost $419 Billion earned so far from oil gone, and why is the country with so many other potential resource to this day so heavily dependent in oil revenue.

6) The aim and objective of the paper:

The aim of this thesis is to analyze and the discuses dependence on oil revenue for its economic development. “The Dangers of oil Revenue in Nigeria economic development” presents yet another reasoned discussion of the implications of the dependence on oil as the factor of revenue source for economic development, its relationship to economic poverty in the region, also the correlation to corruption and government instability and the environmental effects.

To analyze and explain the effects dependence on oil revenue for economic development.

Discuss the contribution of Agriculture to GDP down drastically. In the 1960s, before the oil boom, Nigerian economy was driven by the non-oil, especially agriculture. Now Agriculture's contribution to GDP has been down drastically, 1970s = 48%, 1980s = 20.6% and currently 5.6%

To discuss how Oil boom has caused High Exchange rate which also reduce Agricultural and all competitiveness? The

To Discuss the Dutch disease syndrome, that is the tendency for the real exchange rate to become ...