Nigeria’s Vulnerability to Global Oil Dynamics and Politics

Abstract

The paper analysed global oil dynamics and politics and their implications for Nigeria’s development. It adopted systems theory as its theoretical framework and employed the qualitative method as its methodology, in which face-to-face interview was used in obtaining primary data from relevant respondents alongside secondary data from relevant academic works. The paper found out that Nigeria has been negatively affected by the changing dynamics of international petroleum politics, particularly by the fall in global oil prices, as Nigeria depends heavily on oil earnings to meet its budgetary provisions for national development. This is further compounded by mismanagement of the accrued oil wealth before the collapse of oil prices and increased geopolitical tension. Nigeria should without further delay, diversify its economy away from oil to other viable and less volatile sectors, such as agriculture and solid minerals, manufacturing, Information and Communications Technology (ICT), aviation services and so on, alongside the strengthening of its bargaining power in global petroleum politics, particularly in the Organization of Petroleum Exporting Countries (OPEC), availing itself of the advantage of its leadership position in OPEC and the political leverage it has as a strategic actor in international oil politics.