SOME DEVELOPMENTAL PROBLEMS IN THE NIGERIAN OIL AND GAS INDUSTRY

By some strange twist of luck, the stumbling upon oil in the Nigerian earth’s bowel in about 1951 — 1956 turned out to mark the beginning of a new era of energy source production for the country. Not just a common era but one that was going to have significant impact on the world market place. By the end of the eighth decade of the last century, crude oil the principal source of petroleum and allied energy bloomed. This marked the advent of petrol dollars for some nations, and the pervasive spread of petrol dollar based corruption of a democratized magnitude among such nations a notable one of which is Nigeria. Just as a fourth dimension scatters a three dimensional concept; so the oil and gas industry has fast replaced Agrarian superiority. Described as the future of the world, its rebound in billion dollars has made it the most coveted of modern minerals.