PETROLEUM AND THE NIGERIAN ECONOMY
CONTENT
- The Development of the Petroleum Industry
- Contributions of Petroleum to the Nigerian Economy
- The Nigerian National Petroleum Corporation (NNPC)
- The Roles of NNPC and OPEC in the Exploration, Production, Refining, Marketing and Distribution of Petroleum Products
The Development of the Petroleum Industry
Oil exploration in Nigeria dates back to 1908 with the appearance of oil in the present Ondo state. Another exploratory activity took off in 1937 by an Anglo Dutch consortium that served as a fore-runner of the present-day Shell Petroleum Development Company of Nigeria Limited, Shell D’Arcy. Oil was first discovered at Oloibiri in Rivers state in 1956.
The most important landmarks in the history of oil development in Nigeria were the Hydro-Carbon oil refinery Act of 1965 and the Petroleum Decree of 1967. The Hydro –carbon Act of 1965 approved the license for the first refinery at Elese Eleme near Port-Harcourt, while the Petroleum Decree (1967) gave the right to fix petroleum prices to government.
Nigeria has since returned to this status quo since December 1998.
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ClassHall Instructor
Halima Ahmadu
Maryam