The Niger Delta is the richest area of biodiversity in Nigeria, but regular oil spills that are not cleaned up, blatant dumping of industrial waste and promises of development projects which are not followed through, have all added to the increasing environmental and health problems. Nigeria has 87 million people living in extreme poverty, in comparison with India’s 73 million people. Nigeria, one of Africa’s two wealthiest economies, has overtaken India as home to the world’s greatest concentration of extreme poverty, amid warnings that the continent will host nine out of 10 of the world’s poorest people within 12 years. Oil Discovery in Nigeria; Blessing or Curse. Oil was discovered in large commercial quantity by Shell BP in 1956 in Oloibiri (present day Bayelsa State) and has since then been Nigeria’s cash cow. The question of whether crude oil is a curse or blessing for Nigeria, has remained and will continue to be an inconclusive one. This paper examines the impacts of the oil wealth in Nigeria on different spheres – economic, social, political and enviromental, both in the regions where oil drilling and shipping take place (the southwestern oil producing areas of Rivers, Cross River, and Delta), and in the country as a whole. Doing Business In Africa - Ghana - Part 1 - Pending Oil Wealth - Duration: 9:29. CNBCAfrica 25,373 views Nigeria's proven oil reserves are estimated to be 35 billion barrels (5.6 × 10 9 m 3); natural gas reserves are well over 100 trillion cubic feet (2,800 km 3). Nigeria is a member of the Organization of Petroleum Exporting Countries (OPEC).
Although Nigeria is “endowed with sizeable deposits of aluminum, gold, tin, iron ore, coal, niobium, lead and zinc” [1]. She is highly dependent on petroleum with 29 Jul 2015 Omolade Adunbi investigates the myths behind competing claims to oil wealth in Nigeria's Niger Delta. Looking at ownership of natural 10 Oct 2019 Nigeria is seeking $62 billion from oil companies under regulations that allow the government to revisit revenue-sharing deals on petroleum
21 Aug 2019 Even before it became the country's primary source of revenue and foreign exchange, oil played a role in the 1967–70 Nigerian Civil War, which 28 Aug 2019 Corruption is also why some Nigerians aren't applauding China for pouring money into Nigeria's murky oil industry. A host on Nigeria's popular 11 Oct 2019 The result is that the Nigerian elites have easy, unearned money. Rather than spend this oil wealth on development for the Nigerian people, they
7 Feb 2020 The fast spreading coronavirus from China is threatening Nigeria's primary source of revenue, oil. Demand for oil has slumped in the months
13 Feb 2019 Government revenue increasingly came from oil. With the coming of civilian government in 1999, there has been some recovery, but government