Acta Universitatis Danubius. Œconomica, Vol 15, No 2 (2019)

Oil Exports, Socio-Economic Uunderdevelopment and United State's Trade Relations with Nigeria

Temitope Peter Ola

Abstract


The study discussed the trajectory of the nexus between oil exports, socio-economic underdevelopment and United States’ (U.S.) trade relations with Nigeria. The resource curse thesis is adopted for the descriptive study while data is obtained from primary and secondary sources. The findings of the study show that Nigeria’s shift of attention from the production and exportation of all other sources of foreign exchange to the concentration of effort on exportation of crude oil destroyed the Nigerian economy and made the nation to be subject to inconsolable poverty. The study concluded that the economic underdevelopment which characterised Nigeria is in large measure a bi-product of oil trade between the U.S. and Nigeria.


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