During the colonial and pre-colonial days, coal and other minerals were exported, followed with the results between the late fifties and early seventies Nigeria was a major exporter of cocoa, groundnut, coal, tin and lead. However, all these were forgotten on the discovery of crude oil between 1956-1958 which resulted in unprecedented boom in the nation’s economy. Nigeria’s crude oil was rated one of the best in the world market, giving rise to bountiful foreign exchange earnings for the nation. Nigeria had a lot of money to the point that the country hosted the second black and African Festival of Arts and Culture FESTAC, in 1977. Unfortunately to get the country industrialized from the oil proceeds were haphazard and inconsistent.