- published: 29 Jul 2015
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The petroleum industry in Nigeria is the largest on the African continent. As of 2014, Nigeria's petroleum industry contributes about 14% to its economy. Therefore, though the petroleum sector is important, it remains in fact a small part of the country's overall diversified economy.
The Federal Republic of Nigeria, commonly referred to as Nigeria i/naɪˈdʒɪəriə/, is a federal constitutional republic in West Africa, bordering Benin in the west, Chad and Cameroon in the east, and Niger in the north. Its coast in the south lies on the Gulf of Guinea in the Atlantic Ocean. It comprises 36 states and the Federal Capital Territory, where the capital, Abuja is located. Nigeria is officially a democratic secular country.
Modern-day Nigeria has been the site of numerous kingdoms and tribal states over the millennia. The modern state originated from British colonial rule beginning in the 19th century, and the merging of the Southern Nigeria Protectorate and Northern Nigeria Protectorate in 1914. The British set up administrative and legal structures whilst practising indirect rule through traditional chiefdoms. Nigeria became a formally independent federation in 1960, and plunged into a civil war from 1967 to 1970. It has since alternated between democratically-elected civilian governments and military dictatorships, until it achieved a stable democracy in 1999, with its 2011 presidential elections being viewed as the first to be conducted reasonably freely and fairly.
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Nigeria's President, Muhammadu Buhari, plans to split the state-owned Nigerian National Petroleum Corporation into two separate firms, as part of efforts to reform the oil sector which has lost billions of dollars to corruption and inefficiency. NNPC will be split into an independent sector regulator, and an "investor vehicle". At the moment, however, it is not clear how the assets of the current firm would be split up. NNPC currently represents national interests in oil and gas exploration, manages the energy sector and is the industry regulator. It has been accused of failing to account for tens of billions of dollars in the last few years, but the firm's managers consistently claim no money has been lost.
The Niger delta, home to some of the biggest oilfields in the world, is heavily polluted from five decades of living with the oil industry. Subscribe to the Guardian HERE: http://bitly.com/UvkFpD In June, an explosion at one of Nigeria's major pipelines spilled 6,000 barrels of crude into the creeks and swamps around Bodo village, killing several people. In this special investigation, John Vidal visits the region to find out why oil and the delta's residents do not mix. They speak to traders and visit the communities most affected, and ask what can be done to develop the area to the benefit of the people living there. Get the whole picture, the whole time ► http://is.gd/9LRxIO The Guardian's Top Ten Videos: Mos Def force fed in Gitmo procedure ► http://bit.ly/1hdvoqM Bangladeshi Sex Work...
HE Diezani Alison-Madueke (Mrs.) CON, Nigeria's Minister of Petroleum Resources, 162nd OPEC Meeting, 12 December 2012, Vienna, Austria
Double the 50 billion dollar target, that's how Nigeria's fundraising roadshow is going. Nigeria's Minister of State for Petroleum Resources Emmanuel Ibe Kachikwu tells CCTVNEWS that he sees oil prices climbing steadily to 55 dollars by the end of the year and hitting 70 dollars next year. The former OPEC president says members should concentrate on cutting costs, not trying to squeeze out shale producers. Subscribe to us on Youtube: https://www.youtube.com/user/CCTVNEWSbeijing Download for IOS: https://itunes.apple.com/us/app/cctvnews-app/id922456579?l=zh&ls;=1&mt;=8 Download for Android: https://play.google.com/store/apps/details?id=com.imib.cctv Follow us on: Facebook: https://www.facebook.com/cctvnewschina Twitter: https://twitter.com/CCTVNEWS Google+: https://plus.google.com/+CCTVNE...
Nigeria is one of the countries with the largest reserves of crude oil worldwide. About 80 percent of the country's income comes from the export of oil and natural gas. In Port Harcourt, flares burn day and night. For more go to: http://www.dw.de/global-3000-the-globalization-program-2012-11-12/e-16332110-9798
The petroleum industry in Nigeria, Africa is the largest industry and main generator of GDP in the continent's most populous nation. In February 2013, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) claimed that the oil sector of the country “is killing the economy”. NACCIMA's Director General Dr John Isemede said the oil sector is affecting businesses in the country negatively by failing to add real value to them. He said the oil sector has caused substantial decline in agricultural exports, which began in the mid-1960s and continued to date. This video is targeted to blind users. Attribution: Article text available under CC-BY-SA Creative Commons image source in video
Across delta swamps, oil thieves refine billions of dollars of stolen oil in makeshift operations resulting in frequent oil spills.
Nigeria's President Muhamudu Buhari recently removed his petroleum minister Ibe Kachikwu as group managing director of state owned NNPC. Kachikwu would now chair a newly reconstituted board that will oversee the management of NNPC. 70% of government revenue comes from oil and gas exports managed by NNPC but the institution has been variously accused of being opaque and inefficient.
Nigeria’s Petroleum sector comes to the fore, even with the plan diversification of the economy by the present administration. In this first part featuring notable Nigerian energy analyst Mr Dolapo Oni( Head, Energy Research,Ecobank) the issues around the Flexible FX regime and the impact on the IOCs & Indigenous firms is being critically assessed. Mr Oni also shares his perspective on the burning Niger-Delta Issues, and charts a pathway for the sustainable development of the Oil producing region in Nigeria.
Nigeria's President, Muhammadu Buhari, plans to split the state-owned Nigerian National Petroleum Corporation into two separate firms, as part of efforts to reform the oil sector which has lost billions of dollars to corruption and inefficiency. NNPC will be split into an independent sector regulator, and an "investor vehicle". At the moment, however, it is not clear how the assets of the current firm would be split up. NNPC currently represents national interests in oil and gas exploration, manages the energy sector and is the industry regulator. It has been accused of failing to account for tens of billions of dollars in the last few years, but the firm's managers consistently claim no money has been lost.
The Niger delta, home to some of the biggest oilfields in the world, is heavily polluted from five decades of living with the oil industry. Subscribe to the Guardian HERE: http://bitly.com/UvkFpD In June, an explosion at one of Nigeria's major pipelines spilled 6,000 barrels of crude into the creeks and swamps around Bodo village, killing several people. In this special investigation, John Vidal visits the region to find out why oil and the delta's residents do not mix. They speak to traders and visit the communities most affected, and ask what can be done to develop the area to the benefit of the people living there. Get the whole picture, the whole time ► http://is.gd/9LRxIO The Guardian's Top Ten Videos: Mos Def force fed in Gitmo procedure ► http://bit.ly/1hdvoqM Bangladeshi Sex Work...
HE Diezani Alison-Madueke (Mrs.) CON, Nigeria's Minister of Petroleum Resources, 162nd OPEC Meeting, 12 December 2012, Vienna, Austria
Double the 50 billion dollar target, that's how Nigeria's fundraising roadshow is going. Nigeria's Minister of State for Petroleum Resources Emmanuel Ibe Kachikwu tells CCTVNEWS that he sees oil prices climbing steadily to 55 dollars by the end of the year and hitting 70 dollars next year. The former OPEC president says members should concentrate on cutting costs, not trying to squeeze out shale producers. Subscribe to us on Youtube: https://www.youtube.com/user/CCTVNEWSbeijing Download for IOS: https://itunes.apple.com/us/app/cctvnews-app/id922456579?l=zh&ls;=1&mt;=8 Download for Android: https://play.google.com/store/apps/details?id=com.imib.cctv Follow us on: Facebook: https://www.facebook.com/cctvnewschina Twitter: https://twitter.com/CCTVNEWS Google+: https://plus.google.com/+CCTVNE...
Nigeria is one of the countries with the largest reserves of crude oil worldwide. About 80 percent of the country's income comes from the export of oil and natural gas. In Port Harcourt, flares burn day and night. For more go to: http://www.dw.de/global-3000-the-globalization-program-2012-11-12/e-16332110-9798
The petroleum industry in Nigeria, Africa is the largest industry and main generator of GDP in the continent's most populous nation. In February 2013, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) claimed that the oil sector of the country “is killing the economy”. NACCIMA's Director General Dr John Isemede said the oil sector is affecting businesses in the country negatively by failing to add real value to them. He said the oil sector has caused substantial decline in agricultural exports, which began in the mid-1960s and continued to date. This video is targeted to blind users. Attribution: Article text available under CC-BY-SA Creative Commons image source in video
Across delta swamps, oil thieves refine billions of dollars of stolen oil in makeshift operations resulting in frequent oil spills.
Nigeria's President Muhamudu Buhari recently removed his petroleum minister Ibe Kachikwu as group managing director of state owned NNPC. Kachikwu would now chair a newly reconstituted board that will oversee the management of NNPC. 70% of government revenue comes from oil and gas exports managed by NNPC but the institution has been variously accused of being opaque and inefficient.
Nigeria’s Petroleum sector comes to the fore, even with the plan diversification of the economy by the present administration. In this first part featuring notable Nigerian energy analyst Mr Dolapo Oni( Head, Energy Research,Ecobank) the issues around the Flexible FX regime and the impact on the IOCs & Indigenous firms is being critically assessed. Mr Oni also shares his perspective on the burning Niger-Delta Issues, and charts a pathway for the sustainable development of the Oil producing region in Nigeria.
The petroleum industry in Nigeria, Africa is the largest industry and main generator of GDP in the continent's most populous nation. In February 2013, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) claimed that the oil sector of the country “is killing the economy”. NACCIMA's Director General Dr John Isemede said the oil sector is affecting businesses in the country negatively by failing to add real value to them. He said the oil sector has caused substantial decline in agricultural exports, which began in the mid-1960s and continued to date. This video is targeted to blind users. Attribution: Article text available under CC-BY-SA Creative Commons image source in video
In this episode of Economic Lifelines Nigeria we delve in to the often turbulent world of Nigeria's downstream oil and gas sector to uncover the potential economic impact of this segment of Nigeria's oil and gas industry.
Oil War, 2005 - Nigeria is one of many developing countries to have discovered oil, and as is often the case, the rich get richer, and the poor suffer more than just loss of income. For downloads and more information visit: http://www.journeyman.tv/18595/short-films/oil-war.html The kidnapping of four oil workers in the Niger Delta threatens to wreck havoc on the world's already red hot oil market. We bring back two pertinent reports on Nigeria's oil wars. Includes extensive interviews with militia leader, Asari. Nigeria's lucrative oil reserves may have enriched its politicians but they've brought little but misery to ordinary people. Now, a rebel group is fighting for a share of the profits. "I need help. I need help," begs a woman, clutching her young children in despair. Her home ha...
Discussing the Petroleum Industry Bill
March 1999 This beautifully-shot expose takes you to the heart of the corporate/tribal struggle. Nigeria's impoverished oil-producing communities are outraged. They see few returns from the myriad of oil wells that pollute their villages. We see forests destroyed by disastrous oil spills, whilst Shell provides evidence to suggest many spills are sabotage, in order to gain compensation. But time has run out for the beleaguered multi-national: Ijaw youths issued the 'Kaiama declaration', demanding Shell leave their land by December. The deadline was ignored and the Ijaw have relaunched a new bout of forced closures and hostage-taking. Shell is powerless to defend itself without calling in the corrupt and vicious army. Wounded youths lie in crude hospitals, victims of the army's defence ...
The Niger Delta is an environmental disaster zone after fifty years of oil exploitation. One and a half million tons of crude oil has been spilled into the creeks, farms and forests, the equivalent to 50 Exxon Valdez disasters, one per year. Natural gas contained in the crude oil is not being collected, but burnt off in gas flares, burning day and night for decades. The flaring produces as much greenhouse gases as 18 million cars and emits toxic and carcinogenic substances in the midst of densely populated areas. Corruption is rampant, the security situation is dire, people are dying. But the oil keeps flowing. Poison Fire follows a team of local activists as they gather “video testimonies” from communities on the impact of oils spills and gas flaring. We see creeks full of crude oil...
Nigeria loses billions of dollars every year to the dangerous but lucrative oil theft in the Niger Delta region of the country. This documentary chronicles how a group of youths, some of them former militants, are helping to wage a battle against oil thieves in the region. But there is still one thing they want from the government. Find out what in this feature.
Featuring: Dr. Kwabena Duffuor, former Minister of Finance, Ghana; former Governor, Bank of Ghana Dr. Akoto Osei, Member of Parliament, Ghana; ranking member, finance committee; former Minister of Finance Prof. Charles Soludo, former Natural Resource Charter Technical Advisory Group member; former Governor, Central Bank of Nigeria Odein Ajumogobia, former Minister of State Petroleum Resources, Nigeria Adrienne Klasa, This is Africa (Financial Times)
Rivers state remains vital to Nigeria’s petroleum sector. It accounts for 48 per cent of Nigeria's crude oil. The state government however, is taking steps to expand other sectors of its economy by creating a perfect environment for doing business. This episode of Rivers of possibilities takes a look at what it takes to do business in Rivers State.