OIL POLICY IN NIGERIA: A CRITICAL ASSESSMENT(1958-1992)

OIL AS AN ENERGY PROPELLER, IS THE LARGEST INTERNATIONALLY TRADED COMMODITY THAT SHOWS HIGHLY VISIBLE INTERPLAY OF POLITICS AND ECONOMICS IN THE DETERMINATION OF ITS INVESTMENT, PRODUCTION, TRADE AND PRICING POLICIES. THIS UNIQUENESS, NO DOUBT DEMANDS A WELL ARTICULATED OIL POLICY FOR AN OIL PRODUCING NATION. THUS, THE THRUST OF THE PAPER WAS TO EVALUATE THE STATE OF THE NIGERIA'S OIL POLICY IN THE 1970S/80S. THIS PAPER THEREFORE ARGUES THAT IN THE OIL POLICY FORMULATION PROCESS, WE HAVE TO TAKE INTO ACCOUNT THE VARIOUS STAKEHOLDERS WHOSE DECISIONS AND PARTICIPATION HAVE A GREAT IMPACT ON OIL INDUSTRY, AND WHO WANT TO SEE CLEAR TARGETS AND MINIMISE RISKS.