The Contribution of the oil Industry on Economic growth: The case of Cameroon
The Contribution of the oil Industry on Economic growth: The case of Cameroon
- 주제(키워드) Oil Industry
- 발행기관 아주대학교
- 지도교수 송영균
- 발행년도 2008
- 학위수여년월 2008.12
- 학위명 석사
- 학과 및 전공 국제대학원 국제통상학과
- 실제URI http://www.dcollection.net/handler/ajou/000000009906
- 본문언어 영어
- 저작권 아주대학교 논문은 저작권에 의해 보호받습니다.
초록/요약
There has been a growing recognition of the importance and the crucial role the oil industries play in Sub-Saharan African countries in general and Cameroon in particular with regard to their economic development. Cameroon’s oil industry is considered as one of the smallest, ranking 7th or 8th amongst the eleven oil industries in the region. During the pre-oil years (1970-1977) agriculture was the main stay of the economy with primary commodities as main source of economic growth. Came the oil-boom era (1978-1986) crude oil exports became the main source of economic growth, real GDP rose rapidly and the economy experienced an unprecedented growth. The boom was short-lived because from 1986-1994, the economy was hit by a serious economic crisis due to the continuous fall in prices of primary products especially crude oil. Real GDP growth took a downward trend. A glimpse of recovery was noticed when oil prices started rising again in late 90’s backed by the devaluation of the Francs CFA in 1994. The study attempts to examine the role of the oil industry on economic growth in Cameroon. This is done through the examinations of the contributions of oil export on total export, oil revenue on total revenue, oil GDP on total GDP and the impacts of the oil industry on BOP, FDI, employment and gross domestic investment on the economy. This study reviews a number of existing literatures on the topic and it uses secondary data by converging some qualitative and quantitative data. To validate the findings the research uses empirical analysis to show the relationship between the oil industry and economic growth. The findings of the study show that the oil industry has a significant role on economic growth of Cameroon though this economic growth is not translated into practical development to alleviate poverty. The research recommends that the oil industry can do better if oil profits are reinvested in agriculture that employs 61 percent of the population and if transparency and accountability is instituted.
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TABLE OF CONTENTS
Abstract i
Acknowledgements ii
Table of Contents iv
List of Tables vi
List of Figures vi
List of Abbreviations vii
CHAPTER ONE: INTRODUCTION
1.1Background 1
1.2 Statement of the Problem 2
1.3 Aims and Objectives 3
1.4 Significance of the Study 4
1.5 Methodology and structure 4
1.6 Limitation of the Study 5
CHAPTER TWO
Literature Review and Conceptual Framework 6
2.1 Economic growth 6
2.2 The Resource curse Theories 8
2.3 The Resource Blessing Theories 11
2.4 Summary of Literature Review 12
CHAPTER THREE
Oil Production in Sub-Saharan Africa and Cameroon’s Economic Structure 14
3.1 Sub-Saharan Africa’s Oil Industry at a Glance 14
3.1.1 Institutional Arrangements of the Oil Sector in Cameroon 15 3.1.2 Oil Companies Operating in Cameroon 15
3.1.3 The Chad-Cameroon Pipeline Project 17
3.1.4 Overview of Key Problems 18
3.1.5 The Socio-Economic Impact of the Project 19
3.1.6 An Analysis of the Socio-Economic and Environmental Impact19
3.2.1 Economic Structure of Cameroon 20
3.2.2 Agricultural Sector 21
3.2.3 Industrial Sector 21
3.2.4 Service sector 22
3.2.5 International Trade22
3.2.6 Money 23
3.2.7 Poverty and wealth23
3.2.8 Future Trends of the Economy24
CHAPTER FOUR
Economic Impact of the Oil Industry in Cameroon 26
4.1 Oil Industry in Cameroon.
4.1.1 How important is Oil Production in Cameroon’s Economy 26
4.1.2 The Economic Impact of the Chad-Cameroon Pipeline 30
4.1.3 Cameroon’s Oil revenue in Percentage of GDP 32
4.1.4 Cameroon’s Oil Revenue in Percentage of Total Revenue 35
4.1.5 Cameroon’s Oil GDP in Percentage of GDP 36
4.1.6 Cameroon’s Oil Export in Percentage of Total Exports 38
4.1.7 Cameroon’s Oil Export earnings in % of Total Export earnings 39
4.1.8 The Impact of the Oil Industry on Gross Domestic Investment 41
4.1.9 The Impact of the Oil Industry on Employment in Cameroon 42
4.1.10 The Impact of the Oil Industry on FDI in Cameroon 44
4.1.11 The Impact of the Oil Industry on Cameroon’s Budget 47
4.1.12 The Impact of the Oil Industry on BOP 48
4.1.13 Problems of the Oil Industry in Cameroon 50
CHAPTER FIVE
Analysis of the Oil Industry by four Sub-Periods (1970-2000) 58
5.1 The Pre-Oil Era (1970-1977) 54
5.2 The Oil-Boom Era (1978-1986) 55
5.3 The Economic Crisis Era (1987-1993) 56
5.4 The Post Devaluation Era (1994-2000) 57
5.5 Interpretation of findings 58
CHAPTER SIX
Conclusion and Recommendations 60
6.1 Summary of the Research 60
6.2 Recommendations 61
6.3 References 64
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Lists of Tables
4.1 Cameroon’s Crude Oil Production from 1980-2005 28
5.1 Evolution of Investment Official Flows and Exports ( Annual Average % of GDP in Cameroon 55
5.2 selected Economic Indicators from 1970-2000 59
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3.1 Sub-Saharan Africa’s Oil production and estimated revenues 14
3.2 Top Sub-Saharan Africa’s Proven Natural Gas Reserves 16
3.3 The Chad-Cameroon Pipeline Project 17
4.1 Cameroon Crude Oil Production from 1980-2005 27
4.2 Cameroon’s Oil Production and price 1985-2010 30
4.3 Cameroon’s Oil revenue from 1990 to 2005 32
4.4 Cameroon’s Oil Revenue from 1984 to 2007 33
4.5 Cameroon’s Oil revenue on percentage of Total Revenue35
4.6 Cameroon’s oil GDP as % of GDP and Oil Export as % of Total Export 37
4.7 Cameroon’s Export Earnings from 1984 to 98
In Billions of FCFA 39
5.1 GDP per Capita Evolution Over the Period 1960-2000 56
