The Discovery Of Crude Oil And Oil Prices - 2442 Words

Introduction Agricultural production, which used to be the mainstay of Nigerian economy, has been declining as results of crude oil discovery and subsequent increase in production and exportation of crude oil (Edo (2013). The discovery of crude oil and appreciation of oil price in the World market some years ago leads Nigerian government to abandon all other means of revenue generations, including agriculture, just to depend solely on crude oil revenue to finance most of her budgets. However, crude oil exports are no longer sustaining the economy due to the current downturn in crude oil price. For instance, the Nigerian government generated lots of revenues from crude oil exports, but majority of her populations are still under the poverty†¦show more content†¦This paper will be organized into various sections such as problem statement, purpose of the study, Research questions, and Research method. The research paper will also, try to identify the strengths and weaknesses of the research method and design used. Moreover, the paper will endeavor to justify why the chosen method and design is most appropriate for the research questions. Finally, the paper will discuss why alternative methods/designs would be less desirable for your study. Statement of the Problem Many developing nations, including Nigeria neglect agricultural sector development, as such derived the sector of the necessary resources needed the boost economic development. Most advanced nations developed their agricultural sector first before embarking on development of the industrial sector (Bezemer, Headey, 2008). As such, it may be hard for developing nations, including Nigeria to achieve their industrialization without fundamental development of the agricultural sector (Bezemer, Headey, 2008). This is because, agricultural sector, provide food for the populations, feed for livestock, fiber and raw materials for the local industries. Also, surplus products from this sector will be exported for foreign revenues. However,