IMPACT OF PRIMARY EXPORTS ON UNDERDEVELOPMENT IN NIGERIA: A CASE STUDY OF CRUDE OIL
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Abstract
This study was designed to ascertain Impact of Primary Exports on Underdevelopment in Nigeria: A Case Study of Crude Oil. Five (4) research questions were formulated to guide the study. The study adopted a descriptive survey. The population for this study includes lecturers from the University of Benin. A total number of twenty (20) respondents comprising of lecturers
from the departments of political science and economics, within the University of Benin were drawn from the population of the study using the purposive sampling technique which were used as the respondents for this study. Nineteen (19) out of the twenty distributed questionnaires were found valid and used for analysis. The research instrument for the study was a questionnaire titled: Primary Products Export and Underdevelopment in Nigeria: A Case Study of Crude Oil (PPEUN:ACSCO), which was distributed to the respondents and collected immediately after completion from respondents. The simple percentage and mean score was used in computing the responses of the questionnaire items. To account for the reliability of the study, the Pearson’s
Product Moment Correlation Coefficient was used which gave a value of 0.79. At the end of the study, the researcher found amongst others that crude oil export significantly boosts Nigeria's economic growth and development, and over-reliance on crude oil exports does not hinder the diversification of Nigeria's economy and contribute to underdevelopment. It was recommended amongst others that Federal Government of Nigeria should prioritize diversification of its revenue sources beyond crude oil export and also promote sectors like agriculture, manufacturing, and technology can reduce overreliance on oil revenues and create a more resilient economy and Government should encourage the growth of local industries and businesses within the oil sector in order to create jobs and retain more value within the Nigerian economy.
from the departments of political science and economics, within the University of Benin were drawn from the population of the study using the purposive sampling technique which were used as the respondents for this study. Nineteen (19) out of the twenty distributed questionnaires were found valid and used for analysis. The research instrument for the study was a questionnaire titled: Primary Products Export and Underdevelopment in Nigeria: A Case Study of Crude Oil (PPEUN:ACSCO), which was distributed to the respondents and collected immediately after completion from respondents. The simple percentage and mean score was used in computing the responses of the questionnaire items. To account for the reliability of the study, the Pearson’s
Product Moment Correlation Coefficient was used which gave a value of 0.79. At the end of the study, the researcher found amongst others that crude oil export significantly boosts Nigeria's economic growth and development, and over-reliance on crude oil exports does not hinder the diversification of Nigeria's economy and contribute to underdevelopment. It was recommended amongst others that Federal Government of Nigeria should prioritize diversification of its revenue sources beyond crude oil export and also promote sectors like agriculture, manufacturing, and technology can reduce overreliance on oil revenues and create a more resilient economy and Government should encourage the growth of local industries and businesses within the oil sector in order to create jobs and retain more value within the Nigerian economy.
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