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Nigeria as one of the major oil producing country is also one of the eleven members of Oil Producing Exporting Countries(OPEC) formed in 1960 to regulate production and supply of crude oil in the international oil market.
Nigeria’s membership in OPEC since 1971 has generated huge foreign capital through oil supply and has not conferred on her automatic economic benefits rather has been met with several fiscal measures such as SAP to reduce the problem of hyper inflation etc. on the other hand, it has promoted corruption, crime, mono economy and social unrest among others.
In spite of this negative impactsrecorded, however, it has also been associated with positive records. It is against this background that an evaluation of cost and benefit of Nigeria’s membership in OPEC is carried out since her membership.
In view of this, most literatures reviewed are secondary data and the internet so as to help the researcher to making rational judgments to situate the subject into proper analysis.
The findings therein are therefore recorded for student and policy makers to help make a good judgment of Nigeria’s prospect and challenges as a member of OPEC.
1.0 General background of the study
This chapter outlines the Introduction, Statement of Research Problems, Objectives of study, Methodology, Theoretical Framework, and Significance of study, Scope and limitation as well as the Chapter outline.
The Organization ofPetroleum Exporting Countries (OPEC) Formed in 1960, is a cartel formedby oil producing states for the purposes of monitoring and regulating output and prices of petroleum product by placing quotas which serve as control mechanism towards the production and supply capacity of member countries.
Nigeria joined the organization in 1971 with the purpose of trading her natural resources to improve on her foreign exchange earnings and to boost her economy. Ever since, her economy and foreign exchange earnings have been largely dependent on the production quota given by OPEC.
To this extent, Nigeria prepares her annual budget based on the envisaged
international price from sales of oil at the international market for e.g in 2007 the benchmark of 43$ to 56$ was used to prepare Nigeria’s budget. (Business watch, 2009) and has also been able to place an appreciable price on how much she sells her oil irrespective of the fixed price by OPEC.
It is understood that member countries of OPEC have benefited in a way that cannot be overlooked. For example Nigeriahas benefited from direct sales of crude oil to both developing and developed nations such as USA, China,and Britain.
It is also important to know that membership in OPEC does not confer automatic economic advantages.
For instance, there are a lot of countries whose economy is far better than some OPECmembers. Such include France,Japan, China e.t.c this is due to their low absorptive capacity i.e(ability to absorb capital productively) as compared to Nigeria who has high absorptive capacity.
This indicated that despite foreign exchange earnings from oil, certain fiscal measures are needed to be taken to promote economic, social and infrastructural facilities of some member countries. For instancethe revenuegenerated from oil wind fall against the background of crises in some oil region of the world like Iraq,Kuwait in 1992 and of recentLibya in 2011 respectively(Wikipedia 2011),have not conferred automatic economic advantage resulting from increased foreign exchange earnings from corresponding increase in production and supply but rather promotedcorruption, mismanagement and underdevelopment of some member countries like Nigeria whereby funds are eventually borrowed from IMF, world bank to finance the economy.
The question therefore is, has the increase in production and supply ever improved the economy of Nigeria given the increase in prices per barrel at a given point in time? Ifyes how has it been managed? And if no what are the causes? All these are what this project is concerned with.
1.2 Statement of Research Problem
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