Developmental Implications of Nigeria's Oil Wealth

Abstract

Nigeria in recent times has earned huge petro-dollar under the aegis of the Nigerian National Petroleum Corporation (NNPC) to boost its oil wealth and complement other sectors of the economy, but this massive increase in oil wealth as national economic life-blood could not help to restore the ailing development infrastructures. The leadership failure has been more visible in the management of Nigeria’s oil economy since oil-find in the country. Instead of channeling oil wealth toward national development, it is been used to consolidate political loyalists and godfathers a situation, where few gains and many are in pains. This paper examines the politics of oil wealth in Nigeria and its implications for sustainable national development.

Keywords: Oil wealth, national development, local content, politics