An Analysis Of Oil Revenue And Macroeconomic Performance In Nigeria

CHAPTER ONE INTRODUCTION 1.1   BACKGROUND TO THE STUDY Oil is a major source of energy in Nigeria and the world in general. Oil being the mainstay of the Nigerian economy plays a vital role in shaping the economic and political destiny of the country. Although Nigeria’s oil industry was founded at the beginning of the century, it was not until the end of the Nigeria civil war (1967 - 1970) that the oil industry began to play a prominent role in the economic life of the country (Fashola, 1999). Oil abundance, and specifically oil dependence has often been associated with poor growth…