This article discussed the oil industry in Nigeria and its impact on the economy, environment, and the citizens. The black gold （oil） was first discovered in Nigeria after several trials by white explorers in Oloibi...This article discussed the oil industry in Nigeria and its impact on the economy, environment, and the citizens. The black gold （oil） was first discovered in Nigeria after several trials by white explorers in Oloibiri （present day Bayelsa State） in 1956 by Shell D＇Arcy later renamed Shell-BP. By 1958, Nigeria joined the rank ofoil producers, when its first oil field came on stream. It was in the same year that the first shipment of oil from Nigeria occurred. Since then oil became Nigeria＇s primary export with about 95% of its govemment revenue coming from the ＂black gold＂, pushing agriculture and other sources of revenue to the background. The study discovered that the high revenue realised from the black gold especially after the Civil War, was not used by the government to transform Nigeria from a third world to a first world country as was predicted rather heavily mismanaged. The study further discovered that the multinational companies （MNC） responsible for drilling oil in Nigeria are guilty of polluting and degrading the environment via oil spills, thereby exposing the citizens to all kinds＇ health related problems and further poverty. The study concludes with the following： The corruption going on in the region must be tackled head long so that the citizens （the youth especially） will begin to feel the effect of the wealth generated from black gold. The government should also invest more on the education of its citizens to enable development in the country.展开更多
Based on the procedure of dynamic programming,this paper investigates the military spending,trade and wealth accumulation in a stochastic endogenous economic growth model.For the Cobb-Dauglas utility function,explicit...Based on the procedure of dynamic programming,this paper investigates the military spending,trade and wealth accumulation in a stochastic endogenous economic growth model.For the Cobb-Dauglas utility function,explicit solutions of the optimal problem of the home country are obtained.Meanwhile,the optimal consumptions of domestic goods and foreign goods,the share of domestic capital stock and foreign bond holdings are derived explicitly.The comparative dynamic analysis shows that when intertemporal substitution in consumption is relative elastic,economic growth has a positive correlation with foreign military spending,has a negative correlation with variance of foreign military spending,and has a positive correlation with variance of capital or bonds if capital and bonds yields the same benefits.However,in the case of inelasticity,variance of foreign military spending may stimulate or weaken economic development.展开更多
文摘This article discussed the oil industry in Nigeria and its impact on the economy, environment, and the citizens. The black gold （oil） was first discovered in Nigeria after several trials by white explorers in Oloibiri （present day Bayelsa State） in 1956 by Shell D＇Arcy later renamed Shell-BP. By 1958, Nigeria joined the rank ofoil producers, when its first oil field came on stream. It was in the same year that the first shipment of oil from Nigeria occurred. Since then oil became Nigeria＇s primary export with about 95% of its govemment revenue coming from the ＂black gold＂, pushing agriculture and other sources of revenue to the background. The study discovered that the high revenue realised from the black gold especially after the Civil War, was not used by the government to transform Nigeria from a third world to a first world country as was predicted rather heavily mismanaged. The study further discovered that the multinational companies （MNC） responsible for drilling oil in Nigeria are guilty of polluting and degrading the environment via oil spills, thereby exposing the citizens to all kinds＇ health related problems and further poverty. The study concludes with the following： The corruption going on in the region must be tackled head long so that the citizens （the youth especially） will begin to feel the effect of the wealth generated from black gold. The government should also invest more on the education of its citizens to enable development in the country.
基金supported by Training Program for the Major Fundamental Research of Central University of Finance and Economics under Grant No.14ZZD001Beijing Nova Program under Grant No.Z131109000413029Beijing Finance Funds of Natural Science Program for Excellent Talents under Grant No.2014000026833ZK19
文摘Based on the procedure of dynamic programming,this paper investigates the military spending,trade and wealth accumulation in a stochastic endogenous economic growth model.For the Cobb-Dauglas utility function,explicit solutions of the optimal problem of the home country are obtained.Meanwhile,the optimal consumptions of domestic goods and foreign goods,the share of domestic capital stock and foreign bond holdings are derived explicitly.The comparative dynamic analysis shows that when intertemporal substitution in consumption is relative elastic,economic growth has a positive correlation with foreign military spending,has a negative correlation with variance of foreign military spending,and has a positive correlation with variance of capital or bonds if capital and bonds yields the same benefits.However,in the case of inelasticity,variance of foreign military spending may stimulate or weaken economic development.
