Abstract:

This paper studies the oil economy with a specific focus on Nigeria’s Niger Delta Region. It argues that since the discovery, exploration, and exploitation of oil in commercial quantities in the Region; it has become both a blessing and a curse. It is a blessing because it has provided wealth to the people and government of the region and the Federal Government of Nigeria by extension. It is also a curse because it has negatively affected plants and animals.  Using a survey and documentary method of data collection; the paper reveals that despite the discovery and exploration of oil in the said region, Nigeria’s Delta Region has remained one of the underdeveloped region of the country. This is to say that the impact of the oil industry on the economy and society of the people is marginally felt. Given the foregoing, the study recommends that the Government should give more attention to the Region under review as this will reduce the unrest that accompanying oil prospecting. The government should also establish an institution that will ensure that the multinational oil companies are socially responsible to their host communities.