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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Nigerian oil: prospects and perspectives
Author:Robinson, M.S.
Periodical:The Nigerian Journal of Economic and Social Studies
Geographic term:Nigeria
Subject:petroleum extraction
Abstract:Nigeria is never likely to be a major oil power in the same class as the Middle East countries, or Venezuela. Nor is the likely to be more than a relatively small producer in the total stream of the world oil trade. Oil revenue or foreign exchange earnings are unlikely to be of such fabulous proportions as they are in these countries, but oil earnings will provide a vital incremental element in these fields. An acceleration in the pace of development results in a long anxious period in which there is an increasing drain on government revenue and on the exchange front before projects begin to become self-generating and outside aid can be reduced. Oil earnings in Nigeria will help to reduce this strain, and this is the main reason why its development is going to make such a difference to Nigeria; and why oil policy has to be so carefully managed. Charts; tables.