A COMPARATIVE ANALYSIS OF NIGERIAN INTERNATIONAL OIL MARKETING MODEL AND THE MODELS OF FOUR SELECTED OPEC MEMBERS; AND A PROPOSED NEW MODEL FOR NIGERIA (ALGERIA, INDONESIA, SAUDI ARABIA, VENEZUELA)

This study analyzes the effectiveness of the present Nigerian international oil marketing model (NIOMM) through a comparative analysis of NIOMM and the international oil marketing models (IOMMs) of four other OPEC members (Algeria, Indonesia, Saudi Arabia, and Venezuela). This study examines the NIOMM operations, identifies its flaws, and offers corrective measures. To achieve the objectives of this study, qualitative and quantitative research methodologies were utilized. The study demonstrates that NIOMM has deficiencies and, as a result, has affected the progress of Nigeria's political and socio-economic development.;It is recommended that Nigeria develops a new IOMM in order to assure efficient management of her oil industry. Additionally, it is recommended that Nigeria should develop and improve other sources of energy and revenue, such as natural gas, coal, and hydropower. This will free Nigeria from being overly dependent on her oil for energy supplies and economic development.;One finding is that Nigeria is beset with ineffective planning, lack of marketing expertise, and inadequate marketing strategies. Other findings show that: (1) the Nigerian oil industry (NOI) is suffering from mismanagement stemming from corruption, tribalism, "Federal Character Policy," and lack of dedication and patriotism by the Nigerian workers; (2) there is inefficiency in the Nigerian national petroleum corporation (NNPC) but, at the same time, the inefficiency is partly because of the government policies, conflicts, interference by high government officials and politicians, and the enormous size of the oil industry; (3) oil revenues are improperly utilized; (4) neither the multinational oil corporations (MNOCs) nor multinational corporations (MNCs) are assisting the oil producing nations (OPNs) or developing countries (DCs) in their economic development, and MNOCs and MNCs are interested in profit maximization; and (5) MNCs do not transfer the type of technology that meets the needs of DCs, and sometimes the technology creates problems for DCs which ultimately results into conflicts between MNCs and DCs. The inverse of these problems has been a sine qua non for success in the IOMMs of the four OPEC members, especially in Saudi Arabia.