Nigeria stands at a critical juncture in its economic history. As the largest oil and gas producer in sub-Saharan Africa, with estimated reserves of 37 billion barrels of oil and 188 trillion cubic feet of gas, the country’s petroleum industry forms the backbone of its economy. It contributes approximately 90 per cent of Nigeria’s foreign exchange earnings and about 60 per cent of total income. Yet, this abundance of natural resources has not translated into broad-based economic development and improved living standards for the majority of Nigerians. The country continues to grapple with what economists term the “resource curse”
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