The Impact Of Oil And Gas Production On The Nigerian Economy: A Rural Sector Econometric Model

Abstract

The oil economy of Nigeria is very important to the country, but the people of Nigeria still suffer from a corrupt government. Despite the revenues being brought in from oil exports, the Nigerian government still holds a large unemployment rate and a high poverty rate. This paper shows the amount of oil being produced per day, as well as, the process by which the oil is brought to the market. This paper also shows the labor to GDP ratio, the major exports, and the major imports of Nigeria. Finally, an understanding of the ethnic struggle within Nigeria is looked at, as well as, the illegal oil racketeering that is costing the Nigerian governments billions of dollars. Until the people of Nigeria can take control of its government and rid themselves of the crushing militias that controls the politics in Nigeria, the people are doomed to suffer.