CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
One of the key policy objectives of any nation is to promote sustainable growth that could improve the standard of living of the people. Although, there are various sources of economic growth, the importance of energy in the growth process, particularly for developing countries, is well documented in the literature. Energy is an inevitable component of growth and it is considered to be one of the important driving forces in all economies. Energy has played an important role in human history from the period of agricultural revolution to the period of industrial revolution. The role of energy becomes more evident in modern economies because of their increasing dependence on energy to ensure sustainable economic growth and development (Sambo, 2011; Tajudeen, 2012). More fundamentally, the role of energy in the industrial sector activities underscores its link with economic development. The importance of energy has specifically gained prominence in the growth and economic development effort of nations, since the first oil price shock in 1973/1974 and 1979/1980 reverberated vigorously with the continuously increasing demand for energy throughout the 2000 decade. However, the rate at which energy consumption has increased closely follows the rate at which economies have expanded globally (Okafor, 2013). Although alternatives exist, fossil fuel has been the major source of energy supply in the world; and we are still in the age of fossil fuel. A large portion of the world’s energy need is met through fossil fuel, the reserve of which is rapidly running out (Ishida, 2012).
Nigeria is one of the leading producers and users of fossil fuel in the world (Aremu, 2014). Nigeria is well endowed with a variety of fossil energy type, such as crude oil, natural gas and coal. Coal as an energy source is considered to be the oldest commercial fossil fuel used in Nigeria. Coal deposits were first discovered in the lower Niger Basin of Nigeria in 1909 and it was first mined in 1916 when the Enugu coal fields were opened. While the country is known to have over 2.5 billion tons of coal reserves, only about 43 per cent of these have been proven (Afaha, 2014). However, since the discovery of crude oil in commercial quantities in Nigeria, coal was given less relevance and became highly neglected (Odularu & Okonkwo, 2009). Crude oil was first discovered in Nigeria in 1956 at Oloibiri in Niger Delta, while the actual production started in 1958. Although, natural gas occurs in associated form with crude oil, Nigerian gas reserves are more than its oil reserves (Onakoya, Onakoya, Jimi – Salami & Odedairo, 2013). Nigeria had a proven reserve estimate of 37.2 billion barrel of oil and 186.9 trillion cubic feet of gas, making Nigeria to be ranked the 10th in the world in terms of oil and 9th in terms of gas (BP Statistical Review, 2011). Approximately, 80 per cent of crude oil, which is a major fossil fuel type in Nigeria, is exported while the remaining is refined for domestic consumption (Atoloye-Kayode, 2014).
| Review project details | Comments |
|---|---|
| Number of Pages | 91 pages |
| Chapter one (1) | Yes Introduction |
| Chapter two (2) | Yes Literature review |
| Chapter three (3) | Yes methodology |
| Chapter four (4) | Yes Data analysis |
| Chapter five (5) | Yes Summary,discussion & recommendations |
| Reference | Yes Reference |
| Questionnaire | Yes Questionnaire |
| Appendix | yes Appendix |
| Chapter summary | yes 1 to 5 chapters |
| Available document | PDF and MS-word format |
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