Nigeria in the 60’s was an agricultural Nation, with Agriculture contributing about 65% of the GDP (Gross Domestic Product). In those days we had Cocoa in the West, Oil Palm in the East, and the groundnut pyramids in the North. The funds were judiciously utilized and the impact of Government was felt For example there was free Primary Education in the Old Western Region. Although oil prospecting started in Nigeria way back in 1938, it was in 1956 that oil Giant Shell struck oil in substantial quantity at OLOIBIRI in the heart of the Niger Delta Region.

About 1970 Agriculture began to take the backbench in favour of oil the black gold. By the middle seventies agriculture had been completely relegated to the background. Efforts made by successive Administrations thereafter to revive agriculture such as the OFN (Operation Feed the Nation) and The National Council on Green Revolution did not make much impact on the people.

From 1914 when the Northern and Southern Protectorates were merged to form the entity called Nigeria until the attainment of Independence in 1960, we were under the tutelage of our colonial masters (Great Britain). The issue of economic self-reliance did not arise or exist because the resources of this country were simply siphoned abroad to keep the colonial Empire going. In other words we had no identity of our own.

On attainment of independence we began to talk about National Development plans, and sources of revenue such as

(i)         Import duties, i.e. taxes levied on commodities imported into Nigeria

(ii)        Export duties, i.e. taxes on products which are exported from Nigeria and

(iii)       Excise duties i.e. taxes on goods manufactured in Nigeria e.g. petroleum products.

For a Nation to be economically healthy, the volume of imported goods and that of exported goods should be in the ratio of 50 to 50.  As much as possible we should promote export of commodities while discouraging importation of goods. Regrettably, the reverse has been the case with Nigeria.