Oil is the lifeblood of the modern world. Its importance in the global economic scene cannot be overemphasised. Without oil, industrialisation of the world would have not happened at the very fast pace that it did. Individuals and businesses, manufacturers of airplane, carmakers among others, flourish on the income they generate by oil-based equipment. Most oil producing countries, particularly, the developing nations, such as Nigeria rely on crude oil as their major foreign exchange earner. In Nigeria, oil still accounts for about 90per cent of export earnings. Between 1999 and 2016, Nigeria earned a whopping N77.348trillion from her oil and gas sector, according to data from the Central Bank of Nigeria, (CBN). But despite this massive revenue, Nigeria is still contending with infrastructure deficit, epileptic power, low foreign exchange reserves and poor living standard. The country- largest oil producer in Africa, also imports refined petroleum from foreign companies to […]