Oil and Gas Discovery a Tranquilizer for Economic Growth; Nigerian Frontier

Since oil was discovered in Nigeria back in 1956, the manufacture and dependence of oil has been a subject of uncertainty for years. It is generally believed that nations with bountiful natural resources should thrive and be one of the nations at the top but it has been realized that such has been the opposite. However, it has been a matter of conflict as to the influence of oil on the Nigerian economy as it still seems indecisive. The oil economy of Nigeria is a very important sector of the country; it is unfortunate that due to high rated corruption the impact does not seem to be felt. With this, the article will majorly seek to expatiate on the impact of the oil sector on the economy generally with the aid of history; qualitative and quantitative data to demonstrate the impact of oil over the years; as well as the concept of resource course.

The article state that the positive and negative impact of oil discovery is discussed and from the history as well as statistical data representing the situation. It concluded that with the way Nigeria is at the moment, the oil seems to have a more negative impact due to various factors as discussed in the paper. The problem of Nigeria did not start in one day and in tackling the issues the government as well as the people needs to re-strategize and dig deep into the root of the problems which even started from our fathers.