Nigeria is a country located in West Africa bounded by Republic of Benin from the West, Niger from the North and Chad and Cameroon from the east .They became an independent nation in 1960 from their colonial master “United Kingdom”. In 1914 , the Northern and Southern part of Nigeria (two colonial states) was amalgamated by Sir. Fredrick Lord Lugard who held the position of “High Commissioner” for the protectorate of Northern Nigeria . Nigeria is made up of 3 major tribes ;the hausas, yorubas and the igbos amongst over 1000 minority tribes in the country. The hausas dominate the Northern part, the yorubas dominate the West and the igbos dominate the East. Bank data estimates Nigeria’s population to be about 173.6 million people and a…show more content… Petroleum till today is Nigeria’s most wanted and sort out resources .Crude Oil became the main export product of the Nigerian economy and this brought about economical development in the nation. Crude Oil exports became a gateway to Nigeria’s economic stabilisation. Nigeria is the worlds 8th largest exporter of crude oil (OPEC World Oil Outlook, 2013 ). In any case , from the high export earnings of an oil exporting country, one would expect Nigerian to be doing better off through improvement in living standards instead it has a large population striving in poverty. It has more than 70% of its population dwelling in poverty due to corruption and poor economic management. Furthermore, Nigeria’s revenue generation from crude oil alone under proper management and economic policies would have been able to redistribute nations revenue into investing in public social amenities, power and electricity and create industries to provide jobs and improve living standards for the masses. This would go a long way to secure a better future for new generations to come. Nigeria could have been amongst the top performing economies in the globe but lack of financial accountability/transparency and lack of good governance from past leaders hindered long term economic development in the country.
This can be attributed political instability, natural resource mismanagement and especially corruption and poor governance which attained a distinct and higher stage of