Management of Oil Revenue and Economic Growth in Nigeria and Norway

This book examines how differently Nigeria and Norway have managed their oil revenue to achieve economic growth and development. The book resolves the lingering long-term debate on the existence or absence of the Dutch Disease in Nigeria and Norway. The book reveals that while Nigeria lacks the key capabilities and has failed to manage oil revenue to attain optimal economic growth and is caught up in the “capabilities curse”, Norway possesses key capabilities and has been able to manage its oil revenue so well to achieve the desired economic growth and development. Norway has, therefore, escaped the “capabilities curse” of managing the oil resource. It is concluded that while the Nigerian model of managing oil revenue has failed to put the country on optimal economic growth path, the Norwegian model is highly successful and is currently ranked as the best in the world of resource governance. The book recommends the establishment of a clear cut legal framework; transparency and accountability; and strengthening of institutions and weakening of official corruptions in Nigeria to manage oil revenue to achieve economic growth and development as it is done in Norway.