Download Nigeria, Oil & Economic Unrest

Nigeria, Oil
&
Economic Unrest
Reid Carroll, and Lizzy Galvin
Nigeria’s Geography
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Western Africa, bordering the Gulf of
Guinea, between Benin and Cameroon.
Slightly more than twice the size of
California.
It has 853 km of coast line.
Two major natural hazards are the periodic
droughts, and the flooding.
Map of Nigeria
Nigeria
Nigerian People
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Nigeria’s population is 137,253,133.
0-14 years: male 29,985,427; female
29,637,684
15-64 years: male 37,502,756; female
36,205,442
65 years and over: male 1,944,260; female
1,977,564
Nigerian Culture
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Over 250 languages spoken, and over 250
ethnic groups.
The official language in Nigeria is English,
but less than half of the people actually
speak English.
The Most commonly used languages are
Hausa, Yoruba, Igbo (Ibo), and Fulani.
Nigerian Culture (cont.)
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The common religions are Muslim 50%,
Christian 40%, and indigenous (native)
beliefs 10%.
Out of the 250 ethnic groups, the most
populous and politically influential: Hausa
and Fulani , Yoruba , Igbo (Ibo) , Ijaw ,
Kanuri , Ibibio, and Tiv.
Nigeria’s Economy 2001
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Nigeria’s economy revolves around oil.
Economic growth: 3%
Inflation: 15%
External Debt: $27 billion
Population Below Poverty Line: 66%
GDP (Gross Domestic Product) Of Oil
Exports: 45%
Nigerian Poverty
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Nigeria is one of the top
twenty poorest countries in the
world today.
Poverty is still growing.
In 2001 66% of people in
Nigeria fall below the poverty
line to one dollar a day.
Poverty has risen greatly since
1985 when the poverty fell
below the line 43%.
Problems in Nigeria
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The Nigerian people are too poor to afford
expensive oil.
Oil Prices are rising.
Nationwide strikes were formed in hope that
the government would lower the price of oil.
Nigeria Oil Production
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Nigeria exports about 2.5
million barrels of oil
everyday.
15% of the produced oil is
exported to the U.S.
Nigeria is the largest oil
producing country in
Africa, and the sixth
biggest producer in the
world today.
1.8 billion dollars is made
by the government in
exporting oil.
Strikes in Nigeria
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The Nigeria Labor
Congress organized the
nationwide strike.
The nationwide strike
effected most major
businesses.
Clashes between police,
and protestors have
resulted in people dying.
Protestors cut through a
major oil pipeline,
disrupting supplies.
Effects of Higher Oil Prices on the
Economy
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The companies that joined the strike lost
money because the businesses were closed.
Higher oil prices means that more money is
spent on heat and gasoline, that less money
can be saved or spent on other things.
Chart of rising oil prices
The
worldwide
price of oil
has risen
from about
$20 per
barrel in
1996 to $55
in 2004.
U.S. Import of Oil Increases
Importing oil
into the U.S.,
plays a very
important role
on the economy.
We produce oil,
but not as much
as the U.S.needs.
Importing oil,
enables us to use
all of the oil we
need.
Increased Oil Prices Effect the
Economies of Other Countries
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The higher price of oil this year, has hurt
the U.S. economy by $100 billion.
The higher oil price stops the economy from
growing.
If the price of oil keeps on rising, the more
the country has to pay for the same amount.
What is The Government
Going to Do?
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The strike (organized by the NLC) was meant to
only last for four days, but the government didn’t
respond (lower prices), so the strike lasted up to,
two weeks until the government lowered prices.
The unions have tried to persuade the
government into supplying the county with fuel,
but the government has been relying on
importing oil that costs about $2 billion a year.,
but only 1.8 billion dollars is made by exporting
oil to other countries. This means that the
country is losing money, by buying oil for more
money, than they are making.
Bibliography
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http://money.cnn.com/2004/10/31/news/internation
al/bc.nigeria.strike.reut/
http://www.newsandletters.org/Issues/2004/July/OL
AT_Nigeria_July2004.htm
http://news.bbc.co.uk.l.hi.world/africa/3979535.stm
http://news.bbc.co.uk.l.hi.world/africa/1763464.stm
http://www.theodora.com/flags/new13/nigeria.gif