THE ECONOMIC EFFECT OF PETROLEUM SCARCITY IN NIGERIA
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The objective of this study to access based on questionnaire the exceptional quality or other wise of the present economic effect of petroleum scarcity.
Information was drawn from both primary and secondary source. The primary source include information were questionnaire raised to check petroleum users on the scarcity in Enugu state Nigeria. During that time , question on the general field of economic effect of petroleum scarcity in Enugu state Nigeria and on the caused of the current scarcity of fuel were asked through questionnaires.
Information was equally drawn on past works on related topics, and news papers that affect the scarcity especially as it concerns transport and other users that make use of fuel in their business. The rest of information come from private users. This information collection was analysis using presentation of result , distribution of petroleum by states.
The study also revealed the economic effect of petroleum scarcity in Enugu state Nigeria .
TABLE OF CONTENT
1.1 statement of problem
- Purpose of study
- Significance of the study
- Scope of study
- Limitation of the study
- Formulation of terms
- Definition of terms
- Review of related literature
2.1 Origin of petroleum product scarcity
- Cause of petroleum product scarcity
- Smuggling of petroleum product
- 0 Research methodology design
- Instrument for data collection
- Determination of sample size
- Method used for data analysis
4.0 Data presentation and data analysis
4.1 Presentation of data
4.2 Analysis of data
4.3 Test of hypotheses
5.0 Summary of findings, conclusion and recommendation
Oil exploration in Nigeria could be traced back to 1908 when a German company [Nigerian bitumen corporation started chilling of cretaceous sands of Niger Delta. Shell Darchy , the pioneer oil exploration and producing company was incorporated and granted concession right to prospect for oil in 1936.production and export of crude oil took effect in 1959 at a rate of 5100 barrels per day.
The success of shell spurred many other multinational oil company to join in the scumble for Nigeria crude oil. Among these were MOBIL, NIGERIA AGIP OL COMPANY , NIGERIA GULF OIL COMPANY SATRAP [ NOW ELF].others are TEXACO,PAN OCEAN, PHILP OIL ESSO AAND ASHLAND.
Major activities of these oil companies are centered in Delta , Rivers , Cross Rivers , and Imo state .
These include the off shore and on shore locations. Some of the on shore fields which produce most Nigeria crude oil are located at Bonu, Obigbo north , and east , elenwa ,umuechem, in rivers state , oguta and izombe in Imo state . off shore are located in aqua- Ibom in cross rivers rennington , forcados and escravos in Delta state.
The Nigeria economy can largely be described as one with a strong petroleum industry superimposed over an underdeveloped industrial base. Presently Nigeria is growing into a more economic country by depending Marjory on oil revenue. The dominance of oil in the Nigeria economy because a reality after the resumption of oil production at the end of the civil war, [1967-1970] it virtually because predominant after the fuel price increase of 1973 /74. Most recently is the one about to struck the nation now , take from Daily Champion News Paper. Monday march 17, 2003, “fuel price like :NLC threatens showdown with FG” was the capital. I wounded were we are leading to, I wounded if the federal government understands that the comfort of new citizen is the price of a government revenue of about 90% of the federal government revenue.
Fuel scarcity that struck the nation in recent times appears to be continuing without end. Disturbing as the picture might be the situation on the ground shows that a petroleum endowed nation which is one world’s major producers and a member of the organization of petroleum exporting countries [OPEC] with a daily quota of 1.865 million barrels and also one whose four vetira have combined production of 445,000 barrels per day is in the throes of a domestic oil shortage. Petroleum scarcity is usually characterized by the emergency of long queue of vehicle queue for about four days to obtain fuel at exorbitant price. Taking a critical view of this problem one would discover that ‘there is a long list of players from the supply of petroleum product through the refineries to the end users. Some of the participant in this chain of distribution have acquired the role of middlemen adults. Mr Chamberlin oyibo , the managing director of the Nigeria National Petroleum Corporation [NNPC].
These middlemen operate from a sewing lack of control. The cause of petroleum scarcity could be trace to a complex process where many people and actions contribute, from crude oil through refining to the PPMC [pipeline and product market company ] the tanker drivers and owners. Independent marketers , retailers and consumers all collectively contribute knowingly or unknowingly to petroleum scarcity by their acts of omission or commission.
This ugly development in which roadside peddlers have abundance of petrol while the filling stations are empty also cries for critical attention
- STATEMENT OF PROBLEM
This research work is motivated by an interest in finding a solution to the unending fuel scarcity in our filling stations. This fear of petroleum scarcity ought not to exist in our oil producing country with massive investment in four petroleum refineries [Wari, Port Harcourt , kaduna , and Elema]. It is puzzling and tragic that the country’s major source of income has become the harbinger of incoherence to the citizens.
However the problem is to find out the extent to which fuel shortage has affected the entire economy. What are the option left for the