Obasanjo as a leader (part 2) my views without sentiments

                                                

The military regimes of Murtala Muhammad and Obasanjo benefited from a tremendous influx of oil revenue that increased 350 percent between 1973 and 1974, when oil prices skyrocketed, to 1979, when the military stepped down. Increased revenues permitted massive spending; this spending, however, was poorly planned and concentrated in urban areas. The oil boom was marred by a minor recession in 1978-79, but revenues rebounded until mid-1981.
Plans were undertaken for the movement of the federal capital from Lagos to Abuja, a more central location in the interior of the country. Such a step was seen as a means of encouraging the spread of industrial development inland and of relieving the congestion that threatened to choke Lagos. Abuja also was chosen because it was not identified with any particular ethnic group.

Industrialisation, which had grown slowly after World War II through the civil war, boomed in the 1970s, despite many infrastructure constraints. Growth was particularly pronounced in the production and assembly of consumer goods, including vehicle assembly and the manufacture of soap and detergents, soft drinks, pharmaceuticals, beer, paint, and building materials. Furthermore, there was extensive investment in infrastructure from 1975 to 1980, and the number of parastatals — jointly government- and privately owned companies — proliferated. The Nigerian Enterprises Promotion decrees of 1972 and 1977 further encouraged the growth of an indigenous middle class.
Heavy investment was planned in steel production. With Soviet assistance, a steel mill was developed at Ajaokuta in Kogi State, not far from Abuja. However there was a significant decline in agriculture and industries associated with agriculture.

The increase in revenues due to the oil boom made resulted in a rise in income, especially for the urban middle class. There was a corresponding inflation, particularly in the price of food, that promoted both industrialisation and the expansion of agricultural production. As a result of the shift to food crops, the traditional export earners — peanuts, cotton, cocoa, and palm products — declined in significance and then ceased to be important at all. Nigeria's exports became dominated by oil.