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NIGERIA’S MEMBERSHIP OF ORGANISATION OF PETROLEUM EXPORTING COUNTRIES (OPEC).A CRITICAL EVALUATION OF COST AND BENEFITS
Abstract:
Nigeria as one of the major oil producing country is also one of the eleven members of Oil Producing Exporting Countries(OPEC) formed in 1960 to regulate production and supply of crude oil in the international oil market. Nigeria’s membership in OPEC since 1971 has generated huge foreign capital through oil supply and has not conferred on her automatic economic benefits rather has been met with several fiscal measures such as SAP to reduce the problem of hyper inflation etc. on the other hand, it has promoted corruption, crime, mono economy and social unrest among others. In spite of this negative impacts recorded, however, it has also been associated with positive records. It is against this background that an evaluation of cost and benefit of Nigeria’s membership in OPEC is carried out since her membership. In view of this, most literature reviewed are secondary data and the internet so as to help the researcher to making rational judgments to situate the subject into proper analysis. The findings therein are therefore recorded for student and policy makers to help make a good judgment of Nigeria’s prospect and challenges as a member of OPEC.
NIGERIA’S MEMBERSHIP OF ORGANISATION OF PETROLEUM EXPORTING COUNTRIES (OPEC).A CRITICAL EVALUATION OF COST AND BENEFITS
