Petroleum and the Nigeria Economy

Economics S.S.S 3 First Term


Petroleum and the Nigeria Economy

Performance Objectives

Student should be able to:

  1. State the growth of the petroleum industry in Nigeria.
  2. Discuss adequately the impact (positive and negative) of petroleum on the Nigeria economy
  3. Explain the role of N.N.P.C AND OPEC in the production and marketing of petroleum products.


The advent of the oil industry can be traced back to 1908, when a German entity, the Nigerian Bitumen Corporation, commenced exploration activities in the Araromi area, West of Nigeria. These pioneering efforts ended abruptly with the outbreak of the First World War in 1914.

Oil prospecting efforts resumed in 1937, when Shell D'Arcy (the forerunner of Shell Petroleum Development Company of Nigeria) was awarded the sole concessionary rights covering the whole territory of.... View More

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