ABSTRACT
The study examines the history of oil discovery and production in Nigeria, from pre-World War 1 efforts in 1908 to the final discovery in 1956. It analyzes the changing nature of ownership and control of revenue generated from oil production, focusing on the resource curse and greed and grievance theories. The study reveals that the gift of oil has been detrimental to Nigeria, and the greed of the ruling elite and international oil companies (IOCs) has caused collective grievance in the oil host communities. Individual greed can also act as a motivation for rebellion. The study uses quantitative research design and secondary data collection from the World Bank’s statistics news bulletin and eia.gov on merchandise export, GDP, GDP growth, and annual greed and grievance report between 1960 and 2010. The study also considers the scope for and barriers to IOC’s influence on revenue management towards development through the Cooperate Social Responsibility (CSR) employed by IOCs. The study highlights the need for Nigeria to follow transparency measures set out by the Extractive Industry Transparency Initiative (EITI) to achieve the levels of transparency found in the United Kingdom and Norway. This would lead to more funds being channeled to the disaffected, job creation, and rapid development, disproving the conjecture that petroleum is the “devil’s excrement” and potentially a blessing from God.
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