The Nigerian Oil Boom - Not A Blessing

THE NIGERIAN OIL BOOM IS NO BLESSING.

Nigeria is a country blessed with natural resources. These resources take various forms ranging from tin to crude oil which is the most predominant, therefore making Nigeria the largest producer of crude oil in West Africa. The oil wells which supply the nation with a large percentage of her revenue have been exploited by people who know their worth. As a result, Nigeria which can conveniently support herself depends on foreigners for the oil which we originally produce. The carelessness and corruption of our political leaders have led the country to state of disarray. In spite of Nigeria’s oil boom, one may contend that it is not a blessing.

Others may argue that the oil boom has provided the nation with revenue. Nigeria, unarguably receives high revenue from oil. The presence of oil has also exposed Nigeria to the rest of the world due to the presence of associations like the Organization for Petroleum Exporting Countries (O.P.E.C). If the oil boom is truly a blessing, why then should a nation rich in oil sell its raw oil to international refining companies which in turn re-sell to us, when we have four refineries in our country? If the refineries were put into use, Nigeria will not need to spend money exporting oil, and then importing it after refining. Also, where does the revenue go? In what way has the revenue derived from oil benefitted us when we still have issues like inflation, mass unemployment, and poverty to tackle? With all these, I still strongly state that, the presence of oil has not been beneficial especially to the citizens of Nigeria.

The indigenes of oil producing areas have been exploited. Foreign oil companies come into Nigeria to dig for oil which they refine and sel...

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...ed prices. We hear of issues of fuel scarcity because the pump prices of fuel are high, and the independent marketers engage in hoarding these products. It should be unheard of that a country known for its oil wells lacks its oil products. Meanwhile, countries Nigeria trades with rarely lack petroleum products. Due to mishandled practices, a nation like Nigeria lacks petroleum products. In situations like these, how can someone be convinced that the oil boom has been of more good than harm to Nigeria’s citizens.

In conclusion, Nigeria is blessed but does the blessing extend to her citizens? For as long as indigenous citizens of oil producing states are exploited, oil spillages occur and take away peoples sources of income, all sorts of violent acts still occur, and petroleum prices remain high, I will still state that the oil boom is not in any way a blessing.