Word: africa
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...first barrel in the 1950s and has since set records for corruption. The government's own anticorruption watchdog, the Economic and Financial Crimes Commission, estimates that between independence in 1960 and 1999, the country's rulers stole $400 billion in oil revenues - equal to all the foreign aid to Africa during the same period. And while a small élite became rich, its members fought one another for the spoils. In 47 years, Nigeria has suffered a civil war that killed a million people, 30 years of military rule and six coups. Meanwhile, two-thirds of the country...
...barrel for the first time when in 2004 a Nigerian Muslim militant threatened to attack the industry, while fears that the April 2007 elections would trigger renewed violence were a factor in driving the price above $66 in late May. Yergin, of Cambridge Energy Reasearch Associates, warns: "As West Africa becomes increasingly important, consumers in the U.S., Europe and Asia will discover that their own energy security depends in part on political and economic stability in West Africa." American warships already patrol off West Africa, and U.S. energy and security experts have repeatedly called for a permanent military base...
...take petrol revenue out of government hands and put it under the control of an independent commission. The government has even set up an account at the Federal Reserve in the U.S. to hold all the cash that it expects to flood in. "We've learned the lessons of Africa," says Praxeres. "We have to use the money to invest in education, infrastructure and health - a future that is sustainable...
Before becoming the handpicked successor of Olusegun Obasanjo, Nigeria's new President, Umaru Yar'Adua, was the little-known Governor of a remote northern state. But as the new leader of Africa's most populous nation and its largest oil producer, his decisions now have a global impact. Shortly before his May 29 inauguration, Yar'Adua, 56, spoke with TIME's Gilbert Da Costa about Nigeria's future, corruption, and being...
...favor U.S. plans for a bigger military role in West Africa We have problems in the Niger Delta, but I prefer what I will call a homegrown solution. I think we are on top of the situation and our military can deal with it. We don't have a problem with the U.S. military taking an active interest in the region, but our security forces are competent and can handle any threat, at least...