Starting in 1958, Nigeria's agrarian economy has been supplanted by the exploitation of petroleum reserves. There are approximately 10 petroleum companies currently operating in Nigeria, including the Nigerian National Petroleum Corporation. The oil industry has produced jobs and government revenue, but excessive amounts of oil money have also increased the rate of bribery and corruption among public officials until this has become standard practice. Successive governments have attempted to eradicate public corruption, but after temporary reductions, it re-emerges. Corruption among public officials impedes economic development, efficient government, and political stability. The decline in Nigeria's oil production due to the glut in the international oil market has delayed many government projects. Instead of emulating the Western capitalistic model, which contradicts Nigeria's cultural mores, models should be designed to enhance the health and social welfare of the Nigerian populace. These models should include a return to agriculture, since Nigeria has the natural resources and climatic conditions conducive to agriculture's scientific development. 34 references.