Economic growth implies an increase in the productive capacity of an economy which leads to an increase in GNP, national income, or output. Economic development on the other hand is much more encompassing because it denotes not only an increase in the GNP of a country but also an increase
in the general welfare and standard of living of the vast majority of the people in that country.
Development is a multidimensional and multifaceted concept. Economic development involves not only economic but also social, political, cultural, moral, and religious upliftment of the vast majority of the
populace. For this reason, it is argued that the GNP of a country may double but the increase may accrue only to the top 5 % of the population while the conditions of the remaining 95 % of the population are still left unchanged. When this occurs, development
cannot be said to occur but rather economic growth since the GNP has increased.
Therefore, for development to occur, the increase in the GNP of a country must be reflected on the majority members of the society, so that poverty, unemployment, and
income inequality is reduced. therefore, the relationship is that economic between growth the two can concepts make, development possible if properly managed.
(i) It is a technology and legal matters.
(ii) Operations which includes exploration and production, gas manufacturing, petro-chemical and international manufacturing.
(iii) National Petroleum Investments includes activities crude oil marketing and the joint venture of the in the exploration and production sector oil industry. the
A high point of the re-organization was the establishment of eleven subsidiary companies under the Corporation. These are:
(1) The Nigerian Petroleum Development Company Ltd.
(2) The Integrated Data Services Ltd.
(3) Warri Refinery and Petrochemical Company Ltd.
(4) Kaduna Refinery and Petro-chemical Ltd.
(5) The Pipelines and Products Marketing Company Ltd. (PPMC) Nigeria Ltd.
(6) Hydrocarbon Services of
Company.
(7) National Engineering and Technical
Ltd.
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