Oil theft and technology deficit in Nigeria: When shall the African giant come of age?

Nigeria has huge oil mineral deposit but that is glaringly insufficient. There must be the required indigenous technology to harvest and rework it. Technology makes a huge impact on how oil is reworked and used beneficially. For over seven decades, the country has groped around the question of technology transfer or acquisition. None has been firmed up. Rather, multinationals have had a field day to their hearts’ content. They have kept oil technology secretly to their chest refusing or neglecting or denying the country a complete breakthrough on the issue. They live in the country but influence its oil technology from abroad or outside or externally. This study which adopts the doctrinal method, critically examines the origin, cause and impact of deficiency in technology in the wheel of development of Nigeria. It finds that as the giant of Africa, Nigeria is beginning to lose its pride of place to the Congo valley and direct foreign investments are beginning to be funneled there due to high cost of oil production and oil militancy in Nigeria. Consequently, it is suggested that opacity, scant investment and Federal government monopolization of the sector should be reviewed positively.