THE CONTRIBUTIONS OF THE OIL INDUSTRY TO NIGERIAN ECONOMIC GROWTH AND DEVELOPMENT

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THE CONTRIBUTIONS OF THE OIL INDUSTRY TO NIGERIAN ECONOMIC GROWTH AND DEVELOPMENT

ABSTRACT

The aim of this study is to identify the contributions of the oil industry to Nigerian economic growth and development with a view to project their socio-economic and technological contributions. Oil industries in the course of  their operations move capital, create employment opportunities, skills acquisition, know-how, goods and services and other resources to their various host countries. In order to aggravate the foregoing objectives, the survey method of research was employed in this study.  Both primary and secondary source of data were used in collecting relevant data.  The primary sources consist of the questionnaire and  oral interview while the secondary sources  were gathered from existing literature on the subject matter of this study.  Tabular presentation of data analysis were used whereby the effects and relationships of one data with another was being quantified by simple percentage presentation.  This study has proved that the oil industries are contributing to the socio-economic and technological growth and development of Nigeria.  It further recommends that the oil industries should beef up their level of social responsibilities and commitments to their host countries as well as establish a platform that would place the repatriation of profits at par with their host countries.  The study made a case for the development of proper technology transfer mechanism. Finally, the problems of Niger Delta region of the country with the oil industries should be given serious attention and the effort of the present administration should be supported to sustain it.