Project 9ja Mag The Revolution. 1st Edition | Page 51

therevolution
Should Nigeria remain
a member of OPEC?

As a student of Logic, I retired to my
Hence, below are the reasons why Nigeria as an
study and pondered on this proposition: "If oil oil producing state should not pull out of OPEC.
is important to the Nigerian economy as shown
by the GDP contributions by sectors, published ization of the Petroleum Exporting Countries
in the CBN Statistical Bulletin of 2017, and OPEC founded in 1960, consisting of 15 member-states
is important to the operations and performance including Nigeria. As of September 2018, the 15
of the oil sector of member-states as shown in countries accounted for an estimated 44% of
the OPEC Annual Statistical Bulletin of 2017. global oil production and 81.5% of the World's
Therefore, it is logical to imply that OPEC is im- "proven" oil reserve, giving OPEC a major influ-
portant to the Nigerian economy". In this wise, it ence on global oil prices. If OPEC has a major in-
is not advisable that Nigeria should leave OPEC, fluence on global oil prices, then, pulling out of
but rather, remain there as long as the oil sector OPEC could result in the abrupt crash of the Ni-
remains her major source of GDP and national gerian economy that has neglected other sectors
income. However, this assertion would be base- especially agriculture, to concentrate on oil and
less without adequate points, facts and figures its proceeds.
to serve as premises for the conclusion in view.
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First, OPEC is an acronym for the Organ-
Also, according to the United States En-