They also exert secondary effects through the multiplier process on the employment and level of production of other related sectors of the country's economy.• Attraction of Foreign Direct Investment: Nigeria is entered among the top 20 destinations of foreign direct investment in Africa and received the largest amount of FDI in the period 2010-2013. The involvement of foreign direct investment in the Nigerian oil economy has created the opportunity for the country to participate in the upstream sector of its oil industry (Kukoyi 2015). The oil sector has faced more problems than benefits, which has limited its development over the years. Some of which include; Poor investment financing, smuggling and diversion of petroleum products, corruption among government officials, fraudulent domestic marketing practices, environmental risks and product adulteration.• Poor investment financing: Most joint venture operators reported late payment of the cash calls it caused discouraged them from increasing the level of their investments in the oil industry. There is no proper maintenance of equipment due to lack of