One Kobo dot Com

Country Of Perennial Potential: Nigeria In Relief

Featured Items

Population: 120 - 150 million  
Ethnic Groups: Numerous  
Languages: English is the official language
521 Cataloged Languages
National Sport: Football (Soccer)  
Religions: Muslims, Christians, Indigenous  
Republic: Independence in 1 October 1960
Federal Republic formed in 1963
Capital: Abuja
Largest City: Lagos
States: (9) 1960: 3 Regions
1963: 5 Regions
1967: 12 States
1976: 19 States & 1 Federal Capital Territory (FCT)
1987: 21 States + 1 FCT
1991: 30 States + 1 FCT
1996: 36 States + 1 FCT
Exchange Rate: 1980: One US Dollar --> 0.55 Naira
2005: One US Dollar --> 130 Naira
Latest Constitution: May 1999  
April 2003
Election Results:
Muhammadu Buhari
Chukwuemeka Odumegwu Ojukwu
Oil Industry: Stats Oil Discovered: 1956 in what is today, Bayelsa State. (2)
Oil makes up 90 - 95% of Foreign Exchange Revenue
Largest Producer of Oil in Sub-Saharan Africa (2)
6th of the 11 Crude Oil Producer in OPEC in 2005 (4) (2)
3nd Largest Crude Oil Export in OPEC in 2005
(Behind Saudia Arabia and Iran)
Oil reserves larger than that of United States.
Nigeria (36 Billion Barrels), North America (26 Billion Barrels)
  Joint Ventures: Shell Petroleum Development Company Ltd (3)
(NNPC/Royal Dutch Shell/Elf/Total/Agip)
Mobil Producting Nigeria Unlimited
(NNPC/Exxon Mobil)
18 International Oil Companies as of 1992 (1)
  Noteworthies: Attempt to provide Revenue Transparency via the EITI
(Extractive Industry Transparency Initiative) - 2004
Bonny Light Crude Boasted Highest Monthly Spot Price
in 2005 of $57.91 per barrel (4)
  Regrettables: Environmental Impact
Low Level of Benefit to the Community
Low Domestic Refinery Rate, ahead of only Qatar and Iraq in 2005 (4)
2nd Lowest GDP ($750) of 11 OPEC countries in 2005, just below Iraq (5)
Agriculture:   Palm Oil, Cocoa, Largely Subsistence (6)
Industries:   Crude Oil, Natural Gas, Coal, Rubber
Election 2007: 46 Registered Political Parties (7) Umaru Yar'Adua and Dr. Goodluck Jonathan will contest the election for the ruling People's Democratic Party (PDP).
The opposition All Nigeria Peoples Party (ANPP) has fielded Muhammadu Buhari and Rt. Hon. Edwin Ume-Ezeoke.
Atiku Abubakar, the current Vice-President, announced on 25 November 2006 that he would contest the election for the Action Congress. However, currently his candidacy has been blocked by the Independent National Electoral Commission (INEC). (8)
  Election Day: April 14: Governorship and State Assembly Elections
April 21: Presidential and National Assembly Elections.
Presidential Inauguration Day: May 29, 2007.
  Positives: Will be first successful transition of power from one Elected Democratic government to another
Notable Quotes: "Nigeria is potentially one of the world's wealthiest nations. Its oil reserves rank it in the top 10 nations, and it has enough natural gas to light the entire African continent for nearly a thousand years! Yet it is one of the poorest nations and receives hundreds of millions in foreign aid annually. How is this possible?"
  "The American navy now patrols within Nigeria's 200-mile limit, helping to guard against oil theft."
References (1): (2): (3): (4): (5): (6): (7): (8): (9):'s_oil_industry (Links) (China) (Crude Oil Flow Map) Michael Watts is Director of Centre for African Studies University of California, Berkeley (Oil) (Oil) (Elections),_2007 (Elections)
Email questions to info at onekobo dot com.