But the flaring of ethnic tensions assured that this new republic would be short-lived, as on 15 January 1966, a small group of army officers consisting mostly of southeastern Igbos, staged a successful coup d'état against the civilian government. The Niger Delta comprises 70,000 square kilometres (27,000 square miles) of wetlands formed primarily by sediment deposition. Shagari's NPN government was viewed by the majority of Nigerians as incorrigibly corrupt by the time the national elections of 1983 came about. Additionally, despite his denials in later years, it appears that Ojukwu's insistence on secession at the time was heavily influenced by his knowledge of the extent of the area's oil reserves. Junger, S. (2007). This was because, despite over 101 billion US dollars having been generated by the oil industry between 1958 and 1983,[19] nearly all of these funds had been siphoned into the private bank accounts and the state sponsored pet projects maintained by the succession of Nigerian governmental elites.

Keep reading. Shell alone saw a drop from 367,000 barrels per day (58,300 cubic metres per day) in 1966, to 43,000 (6,800) in 1968. In May 1971 the Nigerian federal government, then under the control of General Yakubu Gowon, nationalised the oil industry by creating the Nigerian National Oil Corporation via a decree. First Exploration & Petroleum Development Company Limited. The country has about 37 billion barrels of oil and gas reserves with 192 trillion cubic feet. The military regime oversaw the implementation of a number of other important milestones related to oil: 1974: Participation in oil industry by government increases to 55%. Here , you will learn about their location, website, net worth and other valuable information about them. The moment Nigeria’s oil sector has been waiting for two decades finally arrived this month when President Muhammadu Buhari sent the Petroleum Industry Bill to the national assembly. In 2008, the government prepared a Gas Master Plan that was intended to promote natural gas production and encourage the supply of natural gas to domestic power stations so as to help alleviate the country's electricity shortages. Even before the consolidation of British control over all of present-day Nigeria's borders in 1914 from the protectorates of Southern and Northern Nigeria, British forces had begun imposing drastic political and economic policies on the Nigerian people which would lead to important consequences in the future.

The oil exploration units are scattered across the Niger Delta region of the country. Immediately upon taking power, Abacha commenced the brutal repression of these subversive elements which would make his tenure notorious on a global basis. The modern Hausa and Fulani societies in northern Nigeria are the cultural successors of the Sokoto Caliphate, a theocratic state founded by Muslim reformer empire-maker Uthman dan Fodio in 1817. The main reasons underlying this trend are that some Gulf Coast refiners have reduced Nigerian imports in favor of domestically-produced crude, and that two refineries in the U.S. East Coast, which were significant buyers of Nigerian crude, were idled in late 2011. Red tape and poor organisation are standard, with the NNPC being divided into several sub-entities, each fulfilling a particular function. The company has stations almost in all the 36 states of the federation. It is the largest wetland and maintains the third-largest drainage area in Africa.

This second coup established the regime of Major General Yakubu Gowon. Flares which are often older and inefficient are rarely relocated away from villages, and are known to coat the land and communities in the area with soot and damage adjacent vegetation. [49], The people of the delta states live in extreme poverty even in the face of great material wealth found in the waters by their homes. Production of crude oil began in 1957 and in 1960, a total of 847,000 tonnes of crude oil was exported. They are not only into the production of crude oil, they also produce lubricants and other energy products that are highly valued in Nigeria and beyond.

At both state and federal government levels, power and therefore wealth has typically been monopolised by select lobby groups who maintain a strong tendency to 'look after their own' by financially rewarding their political supporters.

Many facilities and pipelines were constructed to older standards, are poorly maintained and have outlived their estimated life span. The company is predominantly located in the Niger Delta region of Nigeria with its headquarters in Port Harcourt, Rivers State. Additionally, 1980 saw oil-generated revenues attain an all-time high of US$24.9 billion but Nigeria still managed an international debt of $9 billion.

[46], According to the World Bank, most of Nigeria's oil wealth gets siphoned off by 1% of the population. One of the most prominent of these organisations to emerge in the region was the Movement for the Survival of the Ogoni People (MOSOP).

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