Abstract

Ijeoma Adaku Akakuru*, Okechukwu Egbeiyi, Ojiugo Chijinwa Akakuru and Chiemena Chinwendu Onyema

The impact of oil industry on agricultural development in Nigeria is addressed in this research work. The backward/forward relationships measure the level of impact that the oil industry has brought to the economic development of the Nigerian Economy. We therefore present the review of related literature in the perception and area of oil in the Nigerian economy, accessing the impact of oil industry in Nigerian economy, and the way forward in the 21st century. First, a general look into how crude oil is formed is presented. Second, we outlined the history of crude oil in Nigeria, from discovery, exploration to current development of the oil sector. Third, we looked at the impacts of oil boom in Nigeria on her economy and environment alongside the efforts made so far by the Nigerian government in regulating the oil sector and possibly diversifying Nigerian economy. Lastly, we presented an outlook into possible strategies to address various problems outlined in this review concerning oil development impacts with emphasis on Nigerian agricultural sector.