Oil Blocs Allocations and Nigeria's Socio-Economic Development (1999 - 2020)

Academic Paper from the year 2021 in the subject Politics - Region: Africa, grade: 4.5, , language: English, abstract: This research examined the impact of oil block allocation on national development (1999 -2020). The objectives were to determine the impacts of oil block allocation on national developments and highlight the challenges of oil block allocation for national development. The need to continuously look at oil wealth and national development in Nigeria cannot be over-emphasized. Increased poverty, illiteracy and unemployment amidst oil wealth through oil block allocation necessitated this critical examination. This research is anchored on State Fragility Theory (SFT). Institutional weakness and state instability are triggered by violence, criminality and unrest due to unfulfilled expectations; the unexplained relationship between poverty and oil wealth in Nigeria. This study used descriptive research design and content analysis. The data employed for the study were mostly gathered from secondary sources. This work observed that oil wealth has not translated to national development due to the concentration of oil block allocation in the concentration of oil block allocation in the hands of few individuals and multinational corporations. It strongly recommended the revocation of oil block licenses and transferring ownership to the people through the federal and state government in Nigeria.