5.1 SUMMARY
This work is an attempt to empirically determine, An
appraisal of the Nigerian oil sector-Issues and Challenges between 2008 - 2012.
As earlier, stated, the Nigerian oil sector has restructured the Nigerian
economy since 1970. The literature review describes the extent of work done by
different researchers.
The proportional stratified sampling technique was
used to select the respondent. This method is used to ensure the accuracy of
the investigation. From the research, fifty (50) questionnaires were
distributed to different sectors of the economy.
Normal Z- test technique was formulated to test the
hypotheses already formulated in the introduction section.
Result of the study showed that oil, production in
Nigeria over the years has positively impacted significantly on the
infrastructural development of the economy, this was subjected to the test of
significance at 0.05 level of significance between oil production in Nigeria
and infrastructural development of the economy. The result of the second
hypothesis revealed lent there is no significant causal relationship between
oil production in Nigeria and the standard of living of Nigerians at 0.05 level
of significance. The hypothesis was subjected to the test of significance using
of the normal z- test at 0.05 level of significance between oil production in
Nigeria and the standard of living of Nigerians. The implication is that
although oil sector’s share of the Gross Domestic Product (GDP) of Nigeria is more
than 90% when compared to other sectors of the economy, it still due not impact
positively on the living standard of Nigerians.
5.2 CONCLUSION
Empirical investigation reveals that the growth of oil
production plays a significant role in the infrastructural development of
Nigerian economy. The result shows that the removal of oil subsidy is an
important indicator of infrastructural development in the country. The result
of the analysis in hypothesis one revealed that there has been an increase in
the infrastructural development of the Nigerian economy among all the six
Geographical zones. Equally, the study reveals that although the oil production
in Nigeria is the mainstay of
economy,
it concludes that the per capita income per head is still at a very low ebb
meaning that corruption did not allow the effect of yield on her citizens
thereby making the standard of living very low.
5.3 RECOMMENDATIONS
The empirical results and the analysis conducted
revealed the best approach to the oil industry improving the overall
development of the economy.
1. Government
should adequately involve the communities in executing urban and rural
development projects from the yield gotten from oil production
2. Government
at all level should put an end to corruption instead of enriching their
personal account with public fund, they should use a substantial amount to go
into infrastructural development.
3. Nigeria
citizens should end sole dependant of means of lively hood on oil sector alone.
They should diversify to other areas like agriculture to end mural poverty
4. There
should be proper sharing formula among states of the nation. This means that
government should distribute her income rational among states of nation for
efficiency and effective development of the economy.
5. Government
should establish better rules of engagement with international development
partners for maximum output and results.
6. There
should be continuous recruitment of domestic staff to help improve the
operational efficiency and the living standard of people.
7. Distrust
among staff and administrative body should be seriously checked to improve the
living standard of people.
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TOPIC
APPRAISAL
OF THE NIGERIA OIL SECTOR: ISSUES AND CHALLENGES (2008-2012)
A CASE
STUDY OF SELECTED OIL COMPANIES
DEPARTMENT
OF ECONOMICS
FACULTY
OF SOCIAL SCIENCES
URBAN
UNIVERSITY COLLEGE, ABAKALIKI,
EBONYI
STATE
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