Nigeria’s Petroleum Industry:Striving to rise above challenges

For several decades, Nigeria’s petroleum sector has provided essential commodities that play the crucial role of fuelling the nation’s economy. Prior to the emergence of the industry in the late-50s, commodities such as cocoa, groundnut and rubber were major export products. Within five years (1961 to 1965), crude oil rose from 7.1per cent to 13.5 per cent of the nation’s export earnings. By 1970, it had become the leading source of foreign exchange, accounting for 63.9 percent. In the early 1980s, falling oil outputs and prices led to the decline in its contribution to gross domestic product (GDP) which continued until oil prices began to rise in 1990, reaching a record high of 48 per cent in 2000.

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