Oil Boom
The military regimes of Murtala and Obasanjo benefited from oil revenues that increased 350 percent between 1973 and 1974, when oil prices skyrocketed, to 1979, when the military stepped down. Increased revenues permitted government spending for infrastructure and improvements on a large scale; critics thought it was poorly planned and concentrated too much in urban areas. The oil boom was marred by a minor recession in 1978-79, but revenues rebounded until mid-1981.
The government planned to relocate the federal capital from Lagos to Abuja, a more central location in the interior of the country. It intended to encourage industrial development inland and relieve the congestion in the Lagos area. Abuja was chosen because it was not identified with any particular ethnic group.
Read more about this topic: Olusegun Obasanjo
Famous quotes containing the words oil and/or boom:
“Friendship and money: oil and water.”
—Mario Puzo, U.S. author, screenwriter, and Francis Ford Coppola, U.S. director, screenwriter. Michael Corleone (Al Pacino)
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