Abstract:
Nigeria and most OPEC member countries are endowed with abundant natural resources, oil is the countries' major exporting product and their revenue generation is heavily dependent on oil, hence instability in output or price affects the countries' income which always left the countries (especially Nigeria) with a deficit budget, and these, in general, affect the general performance of the economies. OPEC stands as the agency for regulating oil price through quota system. This study uses a simple chart and regression analysis to measure the impact of OPEC membership on the economic growth and global competitiveness of its members (Nigeria), by using updated secondary data. The study found OPEC to be a useful tool for oil price regulation but deterred the ability of its members to maximize their oil production capacity. Also, the second objective of creating OPEC which is promoting the development of member countries was not achieved, especially by the minor member countries.
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