Volume 2, Issue 2, April 2014, Page: 153-158
Nigeria’s Oil Rent can still Count: Lessons from Kuwait
Olusegun Barnabas Obasaju, Department of Economics, College of Business and Social Sciences, Covenant University, Omu-Aran, Nigeria
Babatunde Sunday Adekunle, Department of Economics, College of Business and Social Sciences, Covenant University, Omu-Aran, Nigeria
David Eseosa Obadiaru, Department of Accounting and Finance, Covenant University, Omu-Aran, Nigeria
Received: Dec. 26, 2013;       Published: Mar. 30, 2014
DOI: 10.11648/j.ijefm.20140202.16      View  2866      Downloads  152
Abstract
Nigeria and Kuwait were former British colonies, both having oil-based economies with exports of over 2.4 million barrels of oil per day and oil exports accounting for a clear majority of their export earnings. But funnily enough, the standards of living of the citizens of these two are poles apart as Kuwait’s oil rent has been successfully used to benefit its citizens while Nigerians still grapple with low living standards in the midst of plenty. This study employs a comparative approach in assessing the nexus between oil rents and living standards for both countries and seeks to draw the attention of Nigeria to the oil rent distribution channels of Kuwait. The conclusion of the study is that Nigeria can still change the fortunes of her citizenry by tapping into the wealth of knowledge from Kuwait’s oil rent distribution channels.
Keywords
Nigeria, Kuwait, Comparative, Channel of Distribution, Oil rent, Living Standards
To cite this article
Olusegun Barnabas Obasaju, Babatunde Sunday Adekunle, David Eseosa Obadiaru, Nigeria’s Oil Rent can still Count: Lessons from Kuwait, International Journal of Economics, Finance and Management Sciences. Vol. 2, No. 2, 2014, pp. 153-158. doi: 10.11648/j.ijefm.20140202.16
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