Impact Of Oil Industry On The Economic Development

The main purpose of this study is to determine the impact of Oil Industry on the Economic Development of Nigeria. In doing this we concentrated on the major objective of the study which are: To identify precisely, the contribution of NNPC in Nigeria economic development. To identify the effect of oil revenue on the sector of the economy and point out the negative roles of NNPC and the oil industry. In carrying out this study, the research design used was survey method. The sample size was 80 while we used stratified random sampling to pick our numbers. Questionnaires were used for the collection of data and analysis was done using mean and simple percentage method. Finally, the findings points out the major problems limiting the effectiveness and productivity of the oil industry with regards to the economic development of Nigeria and also finds out the possible measures and strategies to be used in order to enhance the productivity and efficiency of the oil industry in the economic development of Nigeria. In conclusion, the researchers could make a recommendation that the oil industry should provide facilities for agricultural productivity and adequate attention should be given to infant industries in order to bring growth and development in the country.