Nigeria was very rich in oil and many of them were depending on it to carry out their day to day activities. However, it had to stop as some English company came to take over the oil business and the local officials started to destroy their illegal mines. “White man been giving me this finger all my life. Today you can give it me to keep. Now cut off your middle finger mister and give it me” (113).…
1. What are some of the factors explaining why corruption and bribery are so high in Nigeria?…
Unlike the education system, the economy of Nigeria is evolving. Even though the economy is doing well, the money is not being used to better poor parts of the country. Nigeria is the 8th largest oil exporter in the world. The Gross Domestic Product in Nigeria is 522.6 billion dollars and it continues to rise. Even though the economy is doing well 60 percent of Nigeria’s population lives in extreme poverty. There are also chronic power shortages, which increase cost of doing business in Nigeria up to 40 percent.…
Taxation is a levy or a charge imposed by a government on its citizens to raise revenue that finances public spending. The government of every country of the world had always imposed taxes on individuals or entities to pay for public spending. A government can also issue a public or Treasury bond to the public to finance specific project. Taxation is the most effective and important source of revenue.…
Introduction: Nigeria is a country located in West Africa; it has a population of about 160,027,000 (World Economic Fact Book 2010). Its main produce is oil and petroleum; the country is also a key producer of rice, cocoa and palm-oil in West Africa. (See Appendix 1).Nigeria belongs to a number of economic blocs in Africa as there are quite a few, but this work shall focus on its ECOWAS membership.…
Kass, Amanda. "Neoliberal Nigeria, The United States, and Oil: Linking Production and Consumption." Research dIstinction (2008): 4-5. https://kb.osu.edu/dspace/bitstream/handle/1811/32236/thesis.pdf?..…
This article displays a vivid picture for us about the conditions in Nigeria due to the oil reserves. Though Nigeria contained the potential to strive and become a wealthy oil nation, leaving the cocoon of poverty encompassing Africa- it became trapped in a lot of corrupt dealings. Today, the Niger Delta in Nigeria has caught the attention of world wide humanitarian and environmental activists. The article states how in the past, the corrupt government ruling Nigeria was funded by Western governments and large oil corporations. Together, the group have benefited from the fossil fuels that are in abundant supply in the delta region. However, the mines are not the only things that are in this area, there are people of the Niger Delta who have been harshly affected for decades due to this illegal mining.…
a. Nigeria oil is a main part of the countries’ source of income and comprises 95% of their total exports. The nation is the 8th largest oil producer and the fifth largest supplier to America. Even though oil is so profitable, over half of Nigeria’s population lives below the poverty line.The extraction and demand for oil makes the government reckless in their pursuit for money, making Nigerian government corrupt. The population living below the poverty line live on two dollars day.…
Any cooperation investing in the area is in partnership with Nigerian National Petroleum Corporation (NNPC), the state owned oil company which commands 55 to 60% of shares (van Gelder & Moerkamp,1996, 15–16). The Shell Company is the foremost extractor of petroleum; The Anglo Dutch Shell Petroleum Development Company, which produces 42.2% of the country’s daily petroleum output, followed by “Mobil (US) 21.2%, Agip (Italy) 7.5%, Elf 6.1%, Texaco Overseas Petroleum (US) 2.6% and others accounting for 1.7%” (Ejobowah, 2000, 33). Many of the other oil companies have little or no contact with the indigenous communities. Only Shell and Elf extract oil in the Niger Delta region, since Shell is the largest cooperation in the district thus has the greatest contact with the indigenous communities. (Ejobowah, 2000, 33). For that reason, this essay will only be exploring Shell Oil Company within the Niger…
The recent one-week shut-down of Nigerian economy following government’s fuel subsidy removal cost the economy $1.3b (Wagstyl, 2012). People resisted the good intentioned policy; they perceived that it would aggravate hardship. The resulting annual savings of $8 billion was to be re-channeled to infrastructure (Yusha 'u, 2012). It would also eradicate corruption (Wagstyl). During the crisis, local petroleum prices and global oil prices increased by 115% and 0.9% respectively (Yusha 'u). Jonathan partially reversed the decision on 16th, setting per-litre price at N97.00 (£0.40).…
Located in West Africa, Nigeria is the most populous country in Africa and the seventh most populous worldwide. Thanks to its natural resources, especially oil, its economy is among the fastest growing in the world. From 1901 until its independence in 1960, Nigeria was a British colony. Great Britain decided to grant Nigeria its independence because after World War II Nigeria’s economy was very poor. Comprised of over 250 ethnic groups, as well as a population that is split religiously between mostly Muslims and Christians, Nigeria is faced with many social, economic, cultural, and political challenges.…
Nigeria Oil and Gas Exploration and Production Industry Investment Opportunities, Analysis and Forecasts of All Active and Planned Exploration Blocks and Oil and Gas Fields to 2012…
Olomola , P.A and Adejumo A.V (2006) “ Oil Price Shocks and Macroconomic activities in Nigeria.…
This article overviews the growth and development of the Nigerian economy from inde pendence to present times. Specifically, the following periods are discussed: the pro-oil boom decade (1960-70); the period of the oil boom (1971 1977); the period of stabilisation and structural adjustment (1986 - 1993) and the period of guided deregulation (1994 -1998).GENERAL PERFORMANCE OF THE ECONOMY…
As a nation, do we realize this? Our over reliability on income from crude oil export whose other diverse opportunities have not been well exploited to develop the economy is a big shame.…