Oil Exploration in Nigeria and its Socio-Economic Impact in Ogba/Egbema/Ndoni Local Government Area, Rivers State

Abstract

The oil industry is perhaps one of the largest and most important industries in the world particularly in Nigeria. Through its wide areas of operations, native of product demand and international network of operations, the industry affects almost every country in the world. As a result, a day hardly passes without oil being mentioned in the news. CNN is very handy in giving an update on world oil, prices on a daily basis. The industry has bestowed great financial power on oil producing nations, some of which belong to the third world, Nigeria, said Iran and Iraq to mention but a few. This new found financial power has posed a serious challenge to the ability of the Third world oil producers to evolve and execute sustainable development strategies designed to accelerate the pace of economic development. While Nigerian leaders (past and present) recognize the dominant role of petroleum in the Nigerian Economy and are therefore eager to exploit the resources, the development of oil producing communities either by the Government or the oil companies continue to be something that can only be imagined than perceived.